Electric Guitar PLC Acquisition Update (2779Z)
11 Januar 2024 - 8:00AM
UK Regulatory
TIDMELEG
RNS Number : 2779Z
Electric Guitar PLC
11 January 2024
11 January 2024
Electric Guitar PLC
("Electric Guitar" or the "Company")
Acquisition Update
The Board of Electric Guitar PLC (LSE: ELEG), the Special
Purpose Acquisition Company seeking acquisitions in the digital
marketing and advertising industry as a provider of first-party
data solutions, announces the following update regarding its
proposed acquisition.
It has been two years since the Company was admitted to the FCA
Official List and to trading on the Main Market of the London Stock
Exchange on 11 January 2022. Since this date, the Company has
actively investigated many potential acquisitions in pursuit of its
mission to become the provider of choice of first-party data
solutions through acquisitions and investments in the marketing and
advertising industry.
As announced on 7 July 2023, the Company entered into
non-binding heads of terms to acquire all of the outstanding shares
in 3radical Limited ("3radical") in an all-share transaction
subject to, inter alia, due diligence and shareholder approval. As
the acquisition would be a reverse takeover pursuant to the FCA's
Listing Rules, trading in Electric Guitar's shares was suspended
pending the intended completion of the proposed acquisition of
3radical in accordance with the applicable Listing Rules.
As announced on 24 November 2023, the Company has engaged
advisers to assist it in the detailed due diligence of 3radical, as
well as the proposed transfer of the Company's listing to the LSE's
AIM market, with a view to facilitating a fundraising at the same
time.
The Company remains in active negotiations and advanced stages
of the transaction to acquire the issued and to be issued share
capital of 3radical through a reverse takeover. The Company is
hopeful of being in a position to provide further details and put
proposals to shareholders in the coming weeks and will provide a
further update in due course.
Should the proposed acquisition of 3radical not proceed,
pursuant to the Company's investment strategy as set out in its
prospectus published on 24 December 2021, the Board will recommend
to shareholders either that: (i) the Company be wound up by special
resolution (in order to return to shareholders any remaining
distributable assets); or (ii) that the Company continue to pursue
an acquisition for a further year. The Board's recommendation will
then be put to a shareholder vote.
For further information:
Electric Guitar PLC
John Hutchinson
Chair 01189 570 444
Axis Capital Markets 020 3026 0320
(Corporate Broker) rh@axcap247.com
Richard Hutchison
Yellow Jersey PR 020 3004 9512
Sarah Hollins electric@yellowjerseypr.com
Annabelle Wills
Bessie Elliot
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END
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