Prime Active Capital plc
("PAC" or the "Company")
PAC Announces Acquisition of C7 Brands Limited, Update to Terms of Acquisition and Results of Annual General Meeting
Acquisition of C7 Brands Limited
Prime Active Capital plc ("PAC") announces that it has entered into a conditional share purchase agreement with the shareholders of C7 Brands Limited ("C7 Brands"), in relation to the acquisition by PAC of the entire issued share capital of C7 Brands (the "Acquisition"). PAC had previously announced the possible acquisition of C7 Brands on 5 September 2016. Following continued negotiations between the parties since that date, PAC is pleased to announce that it has been agreed that PAC will acquire 100% of C7 Brands in consideration for the issue of ordinary shares in PAC to the current shareholders of C7 Brands, such that, following the Acquisition C7 Brands shareholders will hold approximately 51% of the post-acquisition Ordinary Shares of PAC and the existing PAC shareholders will hold the remaining 49%.
Completion of the Acquisition is subject to the satisfaction of a number of conditions including, in particular, approval of the Acquisition by PAC Shareholders and the approval of a circular to PAC shareholders by the Irish Takeover Panel.
PAC intends to convene an extraordinary general meeting as soon as possible for the purpose of seeking shareholder approval for the Acquisition. Further details of the terms of the Acquisition will be included in the shareholder circular issued for the purpose of convening that extraordinary general meeting.
Results of Annual General Meeting 2016
In addition, the board of PAC is pleased to announce that all resolutions proposed to shareholders at the Company's annual general meeting held in Dublin on 28 September 2016 were duly passed.
A copy of this announcement is available on the Company's website: http://www.pacplc.com/investor.html
For further information contact:
Prime Active Capital plc
Dermot Martin, Executive Chairman
+ 353 1 295 9895
The Directors of Prime Active Capital plc accept responsibility for the information contained in this announcement other than that relating to C7 Brands Limited and, to the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information.
The director of C7 Brands Limited accepts responsibility for the information contained in this announcement relating to C7 Brands Limited and, to the best of the knowledge and belief of the director (who has taken all reasonable care to ensure that such is the case), the information contained in this announcement for which he accepts responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information.
This information is provided by RNS