The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain
("Baskerville" or the "Company")
Investment, Proposed Acquisition and Suspension of Listing
Baskerville is pleased to announce the completion of the acquisition of a 7.83% shareholding in
Oberon is the holding company of
In addition to the Investment, Baskerville and Oberon have entered into non-legally binding heads of agreement providing for the acquisition by Baskerville of the entire issued share capital of Oberon not already owned by it ("Proposed Acquisition"). The purchase price of the Proposed Acquisition will be satisfied by the allotment and issue to the sellers of Oberon of new ordinary shares in Baskerville.
The Proposed Acquisition is subject to legal, financial and other due diligence and entry into a legally binding agreement. As no binding agreement has been reached, the Company cannot guarantee that the Proposed Acquisition will complete.
On completion of the Proposed Acquisition, it is the Company's intention to seek admission to trading on the NEX Exchange Growth Market ("NEX") although the Company reserves the option to apply for re-admission to the Standard segment of the Main Market or to AIM.
As Baskerville is a cash shell, the Investment is deemed to be a reverse takeover under the Listing Rules. Where a reverse takeover is contemplated but has not been completed, the
The Company is working to complete the Proposed Acquisition as soon as possible, together with an application to NEX.
"We believe Oberon can consolidate the booming yet disparate and fragmented
"We will update as soon as possible with developments of the Proposed Acquisition and re-listing, which we aim to complete by early Q2 2020."
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