9 September 2016
PAPILLON HOLDINGS PLC
("Papillon" or the "Company")
Suspension of Listing
The Directors of Papillon are pleased to inform shareholders that it has signed non-binding Heads of Terms to acquire the entire issued share capital of myclubbetting.com Limited, a specialised betting and gaming related business, for new shares in the Company (the "Acquisition"). The Acquisition, if completed, would result in Papillon shareholders having a minority interest in the enlarged group (the "Group").
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 the business of the issuer.
As the Acquisition will constitute a Reverse Takeover under the Listing Rules, the listing in the Company's ordinary shares have been suspended at the request of the Company 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 Company will update shareholders as the matter progresses.
For more information:
|Papillon Holdings plc||www.papillonholdingsplc.com|
|Charles Tatnall, Director|| Tel: +44 (0) 20 8720 9323 |
or [email protected]
|Alfred Henry Corporate Finance Ltd|
|Jon Isaacs|| Tel: 020 7309 2242 |
or [email protected]
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