AIQ Limited Potential Acquisition and Suspension of Listing (4125M)
16 Settembre 2019 - 8:35AM
UK Regulatory
TIDMAIQ
RNS Number : 4125M
AIQ Limited
16 September 2019
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, WITHIN, INTO OR IN THE UNITED STATES, AUSTRALIA,
CANADA, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND OR
JAPAN.
This announcement contains information which, prior to its
disclosure, was inside information for the purpose of the Market
Abuse Regulation.
For Immediate Release
16 September 2019
AIQ Limited
("AIQ" or the "Company")
Potential Acquisition and Suspension of Listing and Trading
AIQ Limited (LSE: AIQ), a special purpose acquisition company
formed to undertake one or more acquisitions of a target company or
business in the e-commerce sector, is pleased to announce that it
has signed heads of terms to acquire the entire issued share
capital of Alchemist Codes Sdn. Bhd. ("Alchemist" or "Al
Codes").
Alchemist
Alchemist is a Malaysian incorporated information technology
solutions developer for the e-commerce sector. Alchemist has two
primary lines of business: an IT consultancy business, which
engages in online app development for clients, and an e-commerce
app, OCTAPLUS, which leverages proprietary data analytic tools,
including artificial intelligence technology, for user targeting.
Alchemist's key customer regions are currently Malaysia, Singapore
and Hong Kong, with expansion plans to grow into China and
Europe.
The Acquisition
Following recent discussions, the Company has entered into
conditional, non-binding heads of terms with Alchemist for the
acquisition of the entire issued share capital of Alchemist for a
consideration of approximately GBP2.3 million ("Potential
Acquisition") to be satisfied through the issue of new ordinary
shares of 1p each in the Company ("Ordinary Shares").
The Potential Acquisition is conditional upon, among other
things, the completion of satisfactory due diligence, the
negotiation and the entry into of legal documentation, any
requisite third party consents being obtained and the readmission
of the Company's enlarged share capital to the Standard Listing
segment of the Official List of the Financial Conduct Authority
(the "FCA"), and return to trading of the Ordinary Shares (existing
and new) on the London Stock Exchange's (the "LSE") Main Market for
listed securities.
Suspension of Ordinary Shares
Due to the nature of the Potential Acquisition, it will
constitute a reverse takeover under the FCA's Listing Rules since,
inter alia, in substance it will result in a fundamental change in
the business of the Company. As a consequence, the Company has
requested the suspension of the listing in the Ordinary Shares on
the Standard Listing segment of the Official List of the FCA, and
trading in the Ordinary Shares on the LSE's Main Market for listed
securities will be suspended with effect from 7.30 a.m. (UK time)
today, until the Company publishes a prospectus in relation to the
Potential Acquisition or it being announced that the Potential
Acquisition will not proceed.
As the Potential Acquisition will be a reverse takeover under
the Listing Rules, on completion of the Potential Acquisition, the
listing on the Standard Listing segment of the Official List of all
existing Ordinary Shares will be cancelled. Application will need
to be made to the FCA and the LSE for the immediate readmission of
the Ordinary Shares, including the new shares issued as
consideration for Alchemist, to the Standard Listing segment of the
Official List and to trading on the LSE's Main Market for listed
securities.
Further announcements will be made, as appropriate, in due
course.
**ENDS**
Enquiries
AIQ Limited +44 (0)14 9162 8376
Graham Duncan, Chairman
VSA Capital Limited (Financial Adviser
& Corporate Broker) +44 (0)20 3005 5000
Andrew Raca, James Deathe
Luther Pendragon (Media Relations) +44 (0)20 7618 9100
Claire Norbury, Rachel So
This announcement contains information which, prior to its
disclosure, was inside information for the purpose of the Market
Abuse Regulation
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCGGUCPBUPBUQQ
(END) Dow Jones Newswires
September 16, 2019 02:35 ET (06:35 GMT)
Grafico Azioni Aiq (LSE:AIQ)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Aiq (LSE:AIQ)
Storico
Da Apr 2023 a Apr 2024