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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Electric Guitar Plc | LSE:ELEG | London | Ordinary Share | GB00BN11T727 | ORD GBP0.005 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.10 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Advertising Agencies | 0 | -538k | -0.0093 | -2.26 | 1.22M |
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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January 11, 2024 02:00 ET (07:00 GMT)
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