Starcrest Education The Belt & Road Proposed Transaction and Suspension of Listing (6769M)
18 Settembre 2019 - 8:00AM
UK Regulatory
TIDMOBOR
RNS Number : 6769M
Starcrest Education The Belt & Road
18 September 2019
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF THAT JURISDICTION
This announcement contains inside information as stipulated
under the Market Abuse Regulation (EU) No. 596/2014 and is in
accordance with the Company's obligations under Article 17 of that
Regulation. Upon the publication of this announcement, the inside
information is considered to be in the public domain.
18 September 2019
Starcrest Education The Belt & Road Limited
("Starcrest" or the "Company" or the "Group")
Proposed Transaction and Suspension of Listing
Starcrest Education The Belt & Road Limited (LSE: OBOR), the
international developer and operator of education services in
Europe, is pleased to announce that in line with its investment
strategy, it has signed a non-legally binding heads of terms
("Heads of Terms") to acquire sixty per cent. of the issued share
capital of The London School of Science and Technology Limited, a
private management school that offers an open and inclusive
education experience in London and the midlands, (the "Target")
(the "Proposed Transaction"). Under the Heads of Terms, the Company
has also agreed to a put option, subject to the satisfaction of
certain conditions, to require it to purchase the remaining forty
per cent. shareholding in the Target following completion of the
Proposed Transaction. Although the consideration for the Proposed
Transaction has yet to be determined, the Company will need to
undertake a fundraise to satisfy it.
At the time of this announcement the Target is subject to,
amongst other things, legal and financial due diligence, therefore
the Company is unable to provide further information at this early
stage about the terms of the Proposed Transaction. If the Proposed
Transaction is successful, it will amount to a reverse takeover
under the Listing Rules.
Since the Company is currently unable to provide detailed
information on the Target, it has requested the Financial Conduct
Authority ("FCA") to suspend its listing with immediate effect.
Listing of the Company's ordinary shares will remain suspended
until such time as the Company either publishes a prospectus
relating to the Proposed Transaction or submits a restoration
request for approval by the FCA.
The Company will continue to update the market as and when
appropriate.
Enquires:
Starcrest Education The Belt & Road Limited
John McLean OBE, Non-Executive Chairman +44 (0) 7768 031454
Allenby Capital Limited (Financial Adviser
and Broker) +44 (0) 20 3328
John Depasquale / Nicholas Chambers 5657
Yellow Jersey PR (Financial PR)
Sarah Hollins +44 (0) 7764 947137
Henry Wilkinson +44 (0) 7951 402336
Notes to editors:
Starcrest is an international developer and operator of
education services in Europe. The newly formed entity has been
established to seek acquisition opportunities in the international
education sector.
The Company intends to capture opportunities arising from the
'One Belt, One Road' ("OBOR") initiative, a foreign policy and
economic strategy of the Chinese Government. The term derives from
the Silk Road, the ancient trade route, and encompasses the
overland 'Silk Road Economic Belt' and the '21st-Century Maritime
Silk Road,' concepts introduced by Chinese President Mr Xi Jinping
in 2013. These are the two major axes along which China proposes to
economically link Europe to China through countries across Eurasia
and the Indian Ocean. The OBOR initiative also links to Africa and
Oceania.
Starcrest listed on the Main Market of the London Stock Exchange
on 31 January 2019 under the ticker symbol (LSE: OBOR). Further
information can be found on the Company's website at
https://www.starcresteducation.com
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
MSCQDLFFKKFXBBF
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September 18, 2019 02:00 ET (06:00 GMT)
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