URA Holdings PLC Company Update and Delisting (1281L)

TIDMURA

RNS Number : 1281L

URA Holdings PLC

20 December 2018

URA Holdings Plc

("URA" or "the Company")

Company Update and Delisting

In May 2018 the Company announced it had entered into heads of terms to acquire Entertainment AI Limited ("EAI"), a business incorporated in the US to exploit the rapidly growing worldwide market for digital entertainment content that can be both personalised for consumers through the use of artificial intelligence and delivered directly to consumers on their internet-connected screens.

EAI would be composed of two operating subsidiaries that it would acquire; an AI technology company called Tagasauris, Inc. ("Tagasauris") and a leading YouTube multichannel network called GT Channel, Inc. ("GTChannel") with a rapidly growing viewer base and accompanying Google advertising revenue. In the subsequent period, EAI and URA have been working to complete due diligence, tax clearances and documentation for the various corporate entities. However, it is now clear that documentation with respect to these acquisitions will not be completed in the original timeframe envisaged, and consequently the Company is not able at this time to enter into a binding sale and purchase agreement to complete the reverse takeover of EAI.

As a result, the Directors advise that, having been unable to complete a transaction which constitutes a reverse takeover under the AIM Rules on or before 21 December 2018, admission of the Company's shares will be cancelled in accordance with Rule 41 of the AIM Rules, with effective from 7.00 a.m. on 24 December 2018.

EAI is continuing to work on the acquisitions of Tagasauris and GTChannel and the Directors are hopeful of completing the acquisition of EAI. However, if this is not feasible then other options will be considered for the Company, which may include alternative transactions in other sectors.

Following the delisting, the Directors' remuneration will be paid in shares and all other costs associated with the AIM listing will be discontinued.

The Directors will keep shareholders informed of their plans for the Company via the Company's website: www.uraholdingsplc.co.uk.

Issue of Equity

The Company also announce that, following the exercise of warrants, it has issued and allotted 75,609 new ordinary shares of 0.15p each. Given the impending delisting of the Company's shares from AIM, the new shares will not be admitted to trading. Following this issue of shares, the Company has 267,693,009 ordinary shares in issue with each share carrying the right to one vote.

Enquiries:

 
URA Holdings Plc 
 Melissa Sturgess / Peter Redmond                     [phone] 
 
  Northland Capital Partners Limited 
  Matthew Johnson / David Hignell / Jamie Spotswood     [phone] 
 
  Peterhouse Capital Ltd 
  Lucy Williams / Duncan Vasey                          [phone] 
 

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December 20, 2018 05:39 ET (10:39 GMT)