TIDMFHP
RNS Number : 4537E
Fandango Holdings PLC
30 June 2023
Fandango Holdings plc / Index: LSE / Epic: FHP / Sector:
Investment
30 June 2023
Fandango Holdings plc ('Fandango' or 'the Company')
Financial Accounts
Fandango Holdings plc, the investment company, is pleased to
provide its financial statements for the 18-month period ended 28
February 2023.
STRATEGIC REPORT
Principal activity and fair review of the business
Fandango Holdings is an investment company focused on
identifying and acquiring attractive assets, through which it can
leverage the Board's extensive experience and track record of
growing companies to build value and create significant uplift to
its shareholders.
For the 18-month period to 28 February 2023, the Company's
results include the running costs of the Company and listing fees
on the London Stock Exchange standard segment. The Company's shares
remain suspended.
The future
On 22 June 2023, Fandango Holdings plc announced that it had
executed non-binding Heads of Terms ('HoT') to acquire European
Battery Metals Pty Ltd ('the Acquisition').
The Acquisition is subject, inter alia, to the completion of due
diligence, documentation, and compliance with all regulatory
requirements, including the Listing and Prospectus Rules and as
required, the Takeover Code. The Acquisition, if it proceeds, will
constitute a Reverse Takeover under the Listing Rules since, inter
alia, in substance it will result in a fundamental change in our
business.
As the Acquisition will constitute a Reverse Takeover under the
Listing Rules, the Company's ordinary shares shall remain suspended
pending the publication of a prospectus and the application for the
enlarged Company to have its Ordinary Shares admitted to the
Official List and to trading on the main market for listed
securities of the London Stock Exchange.
The Company is working on the preparation of a prospectus in
relation to the Acquisition and will, in due course, be making
application for the enlarged Company to have its Ordinary Shares
admitted to the Official List and to trading on the main market for
listed securities of the London Stock Exchange.
The previously contemplated and announced transaction to acquire
Radair Limited has been terminated with immediate effect.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIODED 28 FEBRUARY 2023
Period ended Year ended
28 February 31 August
2023 2021
GBP GBP
'000 '000
Notes
Continuing operations
Investment income 11 138 (6)
Listing costs 1 (10)
Administrative expenses 5 (279) (479)
Finance cost 7 (2) -
Loss before taxation (142) (495)
Taxation 8 - -
Loss and comprehensive loss
for the period (142) (495)
Basic and diluted loss per
share from continuing and total
operations 9 (0.11p) (0.37p)
Since there is no other comprehensive income, the loss for the
period is the same as the total comprehensive income for the period
attributable to the owners of the Company.
STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023
As at 28
February
2023 As at 31 August 2021
Notes GBP '000 GBP '000
Assets
Current assets
Investment held for resale 11 - 375
Trade and other receivables 11 214 10
Cash and cash equivalents 12 - 1
Total Assets 214 386
Equity and liabilities
Current liabilities
Trade and other payables 14 718 735
Non current liabilities
Borrowings 14 29 42
Total Liabilities 747 777
Equity attributable to equity holders
of the Company
Share Capital - Ordinary shares 16 134 134
Share Premium 579 579
Accumulated deficit (1,246) (1,104)
Total Equity (533) (391)
Total Equity and liabilities 214 386
STATEMENT OF CASH FLOWS
FOR THE PERIODED 28 FEBRUARY 2023
Period ended Year ended
28 February 31 August
2023 2021
GBP'000 GBP'000
Cash flows from operating activities
Operating loss (142) (495)
Impairment of loan to related party - 297
Interest payable 2 -
Liabilities written back (8) -
Fair value movement - 6
Decrease in receivables 385 -
(Decrease) / increase in payables (11) 245
Net cash flow from operating activities 226 53
Cashflows from investing activities
Amounts (advanced to)/received from
related parties (214) 52
12 52
Cash flows from financing activities
Loan repaid (13) -
Net cash used in financing activities (13) -
Net (decrease)/increase) in cash
and cash equivalents (1) 1
Cash and cash equivalents at the 1 -
beginning of the period
Cash and cash equivalents at end
of period - 1
Represented by: Bank balances and
cash - 1
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIODED 28 FEBRUARY 2023
Notes Share Share Accumulated Total
capital premium deficit equity
GBP'000 GBP'000 GBP'000 GBP'000
As at 31 August
2020 134 579 (608) 105
Loss for the year - - (495) (495)
As at 31 August
2021 134 579 (1,104) (391)
--------- --------- ------------ --------
Loss for the 18
month period - - (142) (142)
As at 28 February
2023 134 579 (1,246) (533)
========= ========= ============ ========
Share capital is the amount subscribed for shares at nominal
value.
Share premium represents amounts subscribed for share capital in
excess of nominal value.
Accumulated deficit represents the cumulative loss of the
Company attributable to equity shareholders.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIODED 28 FEBRUARY 2023
1 General information
Fandango Holdings PLC ('the Company') is an investment company
incorporated and domiciled in the United Kingdom. The address of
the registered office is disclosed on the company information page
at the front of the annual report. The Company was incorporated and
registered in England on 25 August 2016 as a private limited
company and re-registered as a public limited company on 8 May
2017.
2 Accounting policies
2.1 . Basis of Accounting
This financial information has been prepared in accordance with
UK adopted International Accounting Standards (IAS), and those
parts of the Companies Act 2006 applicable to companies reporting
under IAS. The financial statements have been prepared under the
historical cost convention.
The principal accounting policies adopted are set out below.
These policies have been consistently applied.
The preparation of financial statements in conformity with IFRS
requires the use of certain critical accounting estimates. It also
requires management to exercise its judgement in the process of
applying the Company's accounting policies. The areas involving a
higher degree of judgment or complexity, or areas where assumptions
and estimates are significant to the consolidated financial
statements are disclosed in Note 3. The preparation of financial
statements in conformity with IFRSs requires management to make
judgments, estimates and assumptions that affect the application of
accounting policies and reported amounts of assets, liabilities,
income and expenses. Although these estimates are based on
management's experience and knowledge of current events and
actions, actual results may ultimately differ from these
estimates.
The estimates and underlying assumptions are reviewed on an
on-going basis. Revisions to accounting estimates are recognised in
the period in which the estimates are revised if the revision
affects only that period or in the period of the revision and
future periods if the revision affects both current and future
periods.
There has been a change in the financial year from 31 August
2022 to 28 February 2023. Hence, the financial statements for the
current period are for 18 months and are not comparable to the
prior year numbers.
Both the functional and presentational currency in which the
financial statements are presented is GBP.
Going concern
These financial statements have been prepared on the assumption
that the Company is a going concern. When assessing the foreseeable
future, the Directors have looked at a period of at least twelve
months from the date of approval of this report and have looked at
the adequacy of funds required as well as working capital
requirements of the Company.
The Company continues to be loss-making and has very limited
cash balances to pay its pending debts as and when they fall due.
The Directors and James Longley, a shareholder, have provided
letters of support confirming that they will provide such
additional working capital as necessary to enable the Company to
meet all of its debts as and when they fall due for a period of at
least twelve months from the date of approval of the financial
statements. On this basis the Directors are satisfied that the
Company has sufficient resources to continue in operation for the
foreseeable future, a period of not less than 12 months from the
date of this report. Accordingly, they continue to adopt the going
concern basis in preparing the financial statements. There are,
however, some inherent uncertainties in relation to future events
and the outcome of the proposed acquisition detailed in the
Chairman's Report and therefore there exists a material uncertainty
as to the going concern status of the Company.
b) New and amended standards adopted by the Company
There are no IFRSs or IFRIC interpretations that are effective
for the first time for the financial year beginning that would be
expected to have a material impact on the Company.
New Standards and interpretations
The IASB and IFRIC have issued the following standards and
interpretations which are in issue but not in force at 31 December
2022:
Description Effective date
Newly effective standards for 1 January 2022 to 31 December
2022
Amendments to IFRS 17
1 January 2023
Disclosure of accounting policies (amendments to IAS 1 and IFRS
practice
statement 2)
1 January 2023
Definition of accounting estimate (amendments to IAS 8) 1
January 2023
Deferred tax related to assets and liabilities arising from a
single transaction
amendments to IAS 12 income taxes)
1 January 2023
IFRS 16 Leases amendments regarding the classification of
liabilities 1 January 2024
The Directors anticipate that the adoption of these Standards
and Interpretations in future periods will have no material impact
on the financial statements other than in terms of
presentation.
2.2 Financial instruments
Classification and measurement
The company classifies its financial assets into the following
categories: those to be measured subsequently at fair value (either
through other comprehensive income (FVOCI) or through the profit or
loss (FVPL)) and those to be held at amortised cost.
Classification depends on the business model for managing the
financial assets and the contractual terms of the cash flows.
Management determines the classification of financial assets at
initial recognition. The policy with regard to financial risk
management is set out in note 4. Generally, the company does not
acquire financial assets for the purpose of selling in the short
term.
The company's business model is primarily that of "hold to
collect" (where assets are held in order to collect contractual
cash flows). When the company enters into derivative contracts,
these transactions are designed to reduce exposures relating to
assets and liabilities, firm commitments or anticipated
transactions.
Financial Assets held at amortised cost
The classification applies to debt instruments which are held
under a hold to collect business model and which have cash flows
that meet the "solely Payments of Principal and Interest" (SPPI)
criteria.
Other financial assets are initially recognised at fair value
plus related transaction costs, they are subsequently measured at
amortised cost using the effective interest method. Any gain or
loss on derecognition or modification of a financial asset held at
amortised cost is recognised in the income statement.
Financial Assets held at fair value through other comprehensive
income (FVOCI)
The classification applies to the following financial
assets:
-- Equity investments where the company has irrevocably elected
to present fair value gains and losses on revaluation of such
equity investments, including any foreign exchange component, are
recognised in other comprehensive income. When an equity investment
is derecognised, there is no reclassification of fair value gains
or losses previously recognised in other comprehensive income to
the income statement. Dividends are recognised in the income
statement when the right to receive payment is established.
Financial Assets held at fair value through profit or loss
(FVPL)
The classification applies to the following financial assets. In
all cases, transaction costs are immediately expensed to the income
statement.
-- Debt instruments that do not meet the criteria of amortised
costs or fair value through other comprehensive income. The Group
has a significant proportion of trade receivables with embedded
derivatives for professional pricing. These receivables are
generally held to collect but do not meet the SPPI criteria and as
a result must be held at FVPL. Subsequent fair value gains or
losses are taken to the income statement.
-- Equity investments which are held for trading or where the
FVOCI election has not been applied. All fair value gains or losses
and related dividend income are recognised in the income
statement.
Financial liabilities
Borrowings and other financial liabilities (including trade
payables but excluding derivative liabilities) are recognised
initially at fair value, net of transaction costs incurred, and are
subsequently measured at amortised cost.
Impairment of financial assets
A forward-looking expected credit loss (ECL) review is required
for: debt instruments measured at amortised cost. Other financial
assets are held at fair value through other comprehensive income:
loan commitments and financial guarantees not measured at fair
value through profit or loss; lease receivables and trade
receivables that give rise to an unconditional right to
consideration.
As permitted by IFRS 9, the company applies the "simplified
approach" to other receivable balances and the "general approach"
to all other financial assets. The general approach incorporates a
review for any significant increase in counter party credit risk
since inception. The ECL reviews including assumptions about the
risk of default and expected loss rates. For trade receivables, the
assessment takes into account the use of credit enhancements, for
example, letters of credit.
2.3 Share capital
Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new
ordinary shares or options are shown in equity as a deduction, net
of tax, from the proceeds.
2.4 Taxation
Income tax expense represents the sum of the tax currently
payable and deferred tax.
There is no tax payable as the Company has made a taxable loss
for the year. Taxable loss differs from net loss as reported in the
statement of comprehensive income because it excludes items of
income and expense that are taxable or deductible in other years,
and it further excludes items that are never taxable or deductible.
The Company's liability for current tax is calculated using tax
rates that have been enacted or substantively enacted by the end of
the reporting period.
Deferred tax is recognised on temporary differences between the
carrying amount of assets and liabilities in the consolidated
financial statements and the corresponding tax bases used in the
computation of taxable profit or loss. Deferred tax liabilities are
generally recognised for all taxable temporary differences.
Deferred tax assets are generally recognised for all deductible
temporary differences to the extent that it is probable that
taxable profits will be available against which those deductible
temporary differences can be utilised. Such deferred tax assets and
liabilities are not recognised if the temporary differences arise
from goodwill or from the initial recognition (other than in a
business combination) of other assets and liabilities in a
transaction that affects neither the taxable profit nor the
accounting profit.
Deferred tax liabilities are recognised for taxable temporary
differences associated with investments in subsidiaries, except
where the Company is able to control the reversal of the temporary
difference and it is probable that the temporary difference will
not reverse in the foreseeable future. Deferred tax assets arising
from deductible temporary differences associated with such
investments are only recognised to the extent that it is probable
that there will be sufficient taxable profits against which to
utilise the benefits of the temporary differences and they are
expected to reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at the
end of each reporting period and reduced to the extent that it is
no longer probable that sufficient taxable profits will be
available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax
rates that are expected to apply in the period in which the
liability is settled or the asset realised. The measurement of
deferred tax assets and liabilities reflects the tax consequences
that would follow from the manner in which the Company expects, at
the end of the reporting period, to recover or settle the carrying
amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or
loss, except when it relates to items that are recognised in other
comprehensive income or directly in equity, in which case the
current and deferred tax is also recognised in other comprehensive
income or directly in equity respectively.
2.5 Segmental reporting
Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision-maker.
The chief operating decision-maker, who is responsible for
allocating resources and assessing performance of the operating
segments, has been identified as the steering committee that makes
strategic decisions. In the opinion of the director, the Company
has one class of business, being that of an investment company. The
Company's primary reporting format is determined by the
geographical segment according to the location of its
establishments. There is currently only one geographic reporting
segment, which is the UK. All costs are derived from the single
segment.
2.6. Government grants
Government grants in relation to tangible fixed assets are
credited to profit and loss account over the useful lives of the
related assets, whereas those in relation to expenditure are
credited when the expenditure is charged to profit and loss.
2.7. Assets held for resale
Assets held for resale are investments not expected to be held
for longer than a year and therefore regarded as a current
asset.
3 Critical accounting estimates and judgments
The Company makes certain judgements and estimates which affect
the reported amount of assets and liabilities. Critical judgements
and the assumptions used in calculating estimates are continually
evaluated and are based on historical experience and other factors,
including expectations of future events that are believed to be
reasonable under the circumstances.
(a) Recoverability of loans to related parties
Provisions for loans given to related parties are considered to
be an area of key judgement for the company, given the underlying
materiality of the loan balances. Recoverability of these balances
is based on the conversion of the loans to equity upon relisting of
the related parties.
4 Financial risk management
The Company's activities may expose it to some financial risks.
The Company's overall risk management programme focuses on the
unpredictability of financial markets and seeks to minimise
potential adverse effects on the Company's financial
performance.
a) Liquidity risk
Liquidity risk is the risk that Company will encounter
difficulty in meeting obligations associated with financial
liabilities. The responsibility for liquidity risks management rest
with the Board of Directors, which has established appropriate
liquidity risk management framework for the management of the
Company's short term and long-term funding risks management
requirements. During the period under review, the Company has not
utilised any borrowing facilities. The Company manages liquidity
risks by maintaining adequate reserves by continuously monitoring
forecast and actual cash flows, and by matching the maturity
profiles of financial assets and liabilities.
b) Capital risk
The Company takes great care to protect its capital investments.
Significant due diligence is undertaken prior to making any
investment. The investment is closely monitored.
c) Credit risk
The Company has provided loans to companies. The Company
assesses the creditworthiness, prior to providing the loans to
limit the risk of default.
5 Operating loss, expenses by nature and personnel
Period ended Year ended
28 February 31 August
2023 2021
GBP'000 GBP'000
Operating loss is stated after charging:
Directors' fees 113 148
Consultancy and advisory fees 96 10
Bad debt - 296
Audit fees 44 14
Other administrative expenses 26 11
Total administrative expenses 279 479
---------- --------
6 Personnel
The average monthly number of employees during both the current
and prior period was two directors.
There were no benefits, emoluments or remuneration payable
during the period for directors other than the GBP113,000 (2021:
GBP148,000) in fees disclosed in Note 5. The fees paid are also
detailed in Note 17 as related party transactions.
7 Finance Cost
For the period end 28 February 31 August
2023 2021
GBP'000 GBP'000
Bank interest 2 -
1 -
-------- --------
8 Taxation
For the period ended 28 February 31 August
2023 2021
GBP'000 GBP'000
Total current tax - -
Factors affecting the tax charge
for the period
Loss on ordinary activities before
taxation (142) (495)
-------- ----------
Loss on ordinary activities before
taxation multiplied by standard rate
of UK corporation tax of 19% (27) (94)
Effects of:
Non-deductible expenses - -
Tax losses carried forward 27 94
--------
Current tax charge for the period - -
-------- ==========
No liability to UK corporation tax arose on ordinary activities
for the current period.
The Company has estimated excess management expenses of
GBP1,228,594 (2021: GBP1,089,777) available for carry forward
against future trading profits.
The tax losses have resulted in a deferred tax asset at a rate
of 25% (2021: 19%) of approximately GBP307,148 (2021: GBP207,058)
which has not been recognised in the financial statements due to
the uncertainty of the recoverability of the amount.
9 Earnings per share
For the period end 28 February 31 August
2023 2021
Basic loss per share is calculated
by dividing the loss attributable to
equity shareholders by the weighted
average number of ordinary shares in
issue during the period:
Loss after tax attributable to equity (GBP141,320) (GBP495,801)
holders of the Company
Weighted average number of ordinary
shares 134,002,000 134,002,000
Weighted average number of ordinary
shares on a diluted basis 134,002,000 134,002,000
Basic loss per share (0.11p) (0.37p)
10 Capital risk management
The Directors' objectives when managing capital are to safeguard
the Company's ability to continue as a going concern in order to
provide returns for shareholders and benefits for other
stakeholders and to maintain an optimal capital structure to reduce
the cost of capital. At the date of this financial information, the
Company had been financed by the introduction of capital. In the
future the capital structure of the Company is expected to consist
of borrowings and equity attributable to equity holders of the
Company, comprising issued share capital and reserves.
11 Trade and other receivables
For the period end 28 February 31 August
2023 2021
GBP'000 GBP'000
Investment held for resale - 375
Other receivables 213 7
Prepayments 1 3
214 385
-------- --------
Other receivables consist of unsecured loans to two related
parties, the recoverability of which is based on the conversion of
the loans to equity upon relisting of the two related parties.
Further details are provided in note 17 to the financial
statements.
The Investment held for resale was sold in the reporting period
for GBP513,805 producing a profit after costs of GBP138,406.
12 Cash and cash equivalents
For the period end 28 February 31 August
2023 2021
GBP'000 GBP'000
Cash at bank - 1
- 1
-------- --------
13 Financial instruments
The Company's financial instruments comprise cash and cash
equivalents, trade receivables and payables and leases, which arise
directly from its operations. It is, and has been throughout the
period under review, the Company's policy to ensure that there is
no trading in financial instruments. The main purpose of these
financial instruments is to finance the Company's operations.
28 February 2023 31 August
For the period end 2021
GBP'000 GBP'000
Financial Assets at amortised cost
Cash and cash equivalents - 1
Other debtors 214 385
214 386
-------- --------
Financial Liabilities at amortised cost
Trade and other payables 747 777
747 777
---- ----
Net Financial Liabilities (533) (391)
------ ------
Financial Assets and Liabilities
Financial assets and financial liabilities are recognised on the
Company's Statement of Financial Position when the Company becomes
party to the contractual provisions of the instrument.
Credit Risk
The Group trades only with third parties it recognises as being
creditworthy. In addition, receivable balances are monitored on an
ongoing basis.
Financial Risk Factors
The Company's activities expose it to liquidity risk. The
Company's overall risk management programme focuses on the
unpredictability of financial markets and seeks to minimise
potential adverse effects on the Company's financial
performance.
Foreign exchange Risk
The company's activities expose it to foreign exchange risk
meaning it will be exposed to various currencies other than UK
pound sterling. The Group seeks to reduce this risk by regularly
reviewing its projects to identify where foreign exchange risk
exists. The Group will seek to mitigate any identified risks of
adverse currency fluctuations through the use of financial
instruments where necessary to secure favourable, predetermined
rates of exchange.
Liquidity Risk
The Company's borrowing exposes it to liquidity risk.
Management's objectives are now to manage liquid assets in the
short term through closely monitoring costs. The Group has
borrowing facilities that require repayment and the interest is on
a fixed basis limiting the risk exposure.
Fair Values of Financial Assets and Liabilities
The Directors consider that the fair value of the Company's
financial assets and liabilities are not considered to be
materially different from their book values.
14 Trade and other payables
Trade and other payables due within 1 year
For the period end 28 February 2023 31 August
2021
GBP'000 GBP'000
Trade and other payables 375 325
Bank borrowings 10 8
Accruals 333 402
718 735
-------- --------
Non-current liabilities
For the period end 28 February 2023 31 August
2021
GBP'000 GBP'000
Bank borrowings 29 42
29 42
-------- --------
15 Net Debt Reconciliation
This section sets out an analysis of net debt and the movements
in net debt for each
of the periods presented.
For the period end 28 February 2023 31 August
2021
GBP'000 GBP'000
Cash and cash equivalents - 1
Borrowings 39 50
39 51
-------- --------
Borrowings Cash and Total
cash equivalents
GBP GBP GBP
Net debt as at 31 August
2020 50 - 50
Financing cash flows - 1 1
----------- ------------------ ------
Net debt as at 31 August
2021 50 1 51
Financing cash flows (11) (1) (12)
----------- ------------------ ------
Net debt as at 28 February
2023 39 - 39
----------- ------------------ ------
16 Share capital
For the period end 28 February 31 August
2023 2021
Allotted, called up and fully GBP'000 GBP'000
paid
134,002,000 Ordinary shares
of GBP0.001 each 134 134
------------ ----------
134 134
------------ ----------
During the period the Company had no share transactions.
The ordinary shares have attached to them full voting, dividend
and capital distribution (including on winding up) right; they do
not confer any rights of redemption.
17 Directors salaries, fees and Related parties
1) No salaries were paid to the directors during the period.
2023 2021
Charles Tatnall GBP Nil GBP Nil
Timothy Cottier GBP Nil GBP Nil
2) Consultancy fees paid to Tatbels Limited and Kinloch Corporate Finance Limited
2023 2021
Tatbels Limited GBP86,400 GBP57,600
Kinloch Corporate Finance Limited GBP27,000 GBP32,400
These amounts are shown net of irrecoverable VAT.
3) As at 28 February 2023, Tatbels Limited was owed accrued fees
of GBP121,600 (August 2021: GBP157,150) and Kinloch Corporate
Finance Limited was owed accrued fees of GBP49,780 (August 2021:
GBP67,780). Charles is also owed a further GBP21,690 on his
Director's current account.
Tatbels Limited is controlled by Charles Tatnall.
Kinloch Corporate Finance Limited is controlled by Timothy
Cottier.
4) Consultancy fees accrued to James Longley a shareholder and
ex-director and of the company amounted to GBP119,270 (August 2021:
GBP154,820) (including irrecoverable VAT). James is also owed a
further GBP17,990 on his loan account. James holds 5,000,000 shares
in the company which are held through Hargreaves Lansdown
(Nominees) Limited. The amount of accrued fees has been included in
the Accruals owed at the balance sheet date.
5) Plutus Powergen PLC a company where both Charles Tatnall and
Tim Cottier are directors received a short-term unsecured loan from
the company totalling GBP7,000 (August 2021: GBP7,000), repayable
upon demand and without interest. The loan was still outstanding at
the period end.
6) Plutus Energy Limited a company where Charles Tatnall is a
director received a short-term unsecured loan from the company
totalling GBP206,700 (August 2021: GBPnil), repayable upon demand
and without interest. The loan was still outstanding at the period
end.
18 Capital commitments
There was no capital expenditure contracted for at the end of
the reporting period but not yet incurred.
19 Ultimate controlling party
As at 28 February 2023 there is no ultimate controlling
party.
20. Events after the reporting period
As detailed in the Strategic report, o n 22 June 2023, Fandango
Holdings plc announced that it had executed non-binding Heads of
Terms ('HoT') to acquire European Battery Metals Pty Ltd ('the
Acquisition').
The Acquisition is subject, inter alia, to the completion of due
diligence, documentation, and compliance with all regulatory
requirements, including the Listing and Prospectus Rules and as
required, the Takeover Code. The Acquisition, if it proceeds, will
constitute a Reverse Takeover under the Listing Rules since, inter
alia, in substance it will result in a fundamental change in our
business.
The Company will publish updates on the transaction as it
progresses.
S
For further information visit www.fandangoholdingsplc.com or
contact:
Charles Tatnall Fandango Holdings plc E: ctatnall@btinternet.com
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