(“BWA” or the “Company”)
Proposed Acquisition of
The consideration is expected to be satisfied by the issue to SX and the other minority vendors of the sterling equivalent of Can$7.5 million in nominal amount of unlisted, unsecured, convertible, interest-free loan notes in BWA, with an initial repayment date three years after issue (“Convertible Notes”). The Convertible Notes will include restrictions on conversion such that SX and the other minority vendors will not be able to own or control more than 29% of the voting rights of BWA. The Convertible Notes will be convertible into BWA shares at a rate equivalent to 0.5p per BWA share or, if higher, the market price of a BWA share at the time of conversion.
As part of the Acquisition, it is proposed that BWA will subscribe for Can$300,000 worth of shares in SX at a price calculated by reference to the market price of the SX shares at the time of issue, subject to a minimum price of Can$0.10 per SX share. The current sterling cost of such shares would be approximately £170,000. The subscription price for the SX shares would be satisfied in cash.
The Acquisition is conditional, amongst other things, on approval by BWA’s shareholders and on BWA raising a minimum of £500,000 by means of an issue of new ordinary shares.
A circular containing further information about the Acquisition and convening a General Meeting of the Company is expected to be sent to shareholders in BWA as soon as practicable.
The Directors of BWA are responsible for the contents of this announcement.
For further information please contact:
07836 238 172
020 7469 0930
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a