Papillon Holdings Papillon Holdings Plc : Statement Re Acquisition Update

 
TIDMPPHP 
 
 
   Papillon Holdings plc / Index: LSE / Epic: PPHP / Sector: Investment 
 
   Papillon Holdings Plc ('Papillon' or 'the Company') 
 
   Acquisition Update 
 
 
 
   Papillon, the standard listed investment company announces that, 
following due diligence, the formal Sale and Purchase agreement ('SPA') 
with the directors and principal shareholders of Myclubbetting Ltd 
('Myclubbetting') has been terminated.  As part of the termination, 
Myclubbetting has agreed to refund all costs incurred by Papillon during 
the transaction process. 
 
   The SPA contained certain provisions regarding the completion and 
positive conclusion of due diligence by the Directors and its advisers 
on the acquisition. Unfortunately, agreement between the parties on 
these has not materialised, resulting in negotiations being terminated. 
 
   The Company has now requested for the listing of its ordinary shares, 
which have been suspended, to be restored to trading. 
 
   Papillon CEO Charles Tatnall said, "I am obviously disappointed that 
following a huge amount of work, we have failed to conclude this 
transaction, although we are pleased that all costs incurred by us will 
be reimbursed.  Our aim now is to identify another opportunity from our 
network which fits with the investment parameters of Papillon.  I'd like 
to thanks shareholders for their patience and look forward to 
identifying the right company for a transaction." 
 
   **ENDS** 
 
   For further information visit www.papillonholdingsplc.com or contact the 
following: 
 
 
 
 
Charles Tatnall           Papillon Holdings plc    [e-mail] 
                                                   m 
Financial Adviser 
Jon Isaacs                Alfred Henry Corporate   [e-mail] 
                          Finance Limited           [phone] 
Financial PR 
Isabel de Salis / Olivia  St Brides Partners       [e-mail] 
Vita                      Limited                   [phone] 
 
 
   This announcement contains inside information for the purposes of 
Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR). 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Papillon Holdings PLC via Globenewswire 
 
 
  http://papillonholdingsplc.com/ 
 

(END) Dow Jones Newswires

September 06, 2017 02:00 ET (06:00 GMT)

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