REG - Boston International - Letter of Intent re Proposed Subscription

Boston International HoldingsAnnouncement

18/07/2024 10:30

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RNS Number : 9481W  Boston International Holdings PLC  18 July 2024

The information contained within this announcement is deemed by the Company to
constitute inside information for the purposes of Article 7 of EU Regulation
596/2014 (which forms part of domestic UK law pursuant to the European Union
(Withdrawal) Act 2018) ("UK MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this information is considered to be in
the public domain.

For immediate release

18 July 2024

BOSTON INTERNATIONAL HOLDINGS PLC

("BIH" or the "Company")

Letter of Intent signed for

Subscription for a 51% Shareholding in the Company

The Company is pleased to announce that it has signed (by way of acceptance of
its terms) a non-binding letter of intent ("LOI") received from Linkvalue
Investment Limited ("LVIL"), a privately owned company incorporated in the
British Virgin Islands, for the subscription by LVIL (or its nominee) for such
number of new ordinary shares in the Company as would represent a 51% of the
Company's enlarged and fully diluted share capital of the Company for an
aggregate of £306,000 in cash, payable on completion of the subscription (the
"Proposed Subscription").

LVIL is under the same family ownership as Al-Braik Investments LLC, a
diversified holding company based in the United Arab Emirates and specialising
in real estate, oil & gas, hospitality, franchising, investment,
construction and construction support services.

Proposed Subscription

The Proposed Subscription, if completed, would result in the Company's
existing shareholders having a minority shareholding in the Company and would
be conditional on:-

-      agreement on the form, and execution, of a definitive agreement to
be entered into between LVIL (or its nominee) and the Company in respect of
the Subscription (the "Subscription Agreement"); and

-      approval by shareholders of the Company of the requisite
resolutions at a general meeting (including approval of a waiver resolution
for the purposes of Rule 9 of the City Code on Takeovers and Mergers in
relation to the resultant LVIL shareholding position in the Company), notice
of which would be sent to the Company's shareholders in due course.

It is anticipated that completion of the Subscription would take place by the
end of August 2024 assuming that the Subscription Agreement is entered into in
this month. However, there can be no certainty that the Proposed Subscription
will meet this timetable or proceed at all.

LVIL does not own any existing ordinary shares or other securities in the
Company.

LVIL (or its nominee) would appoint two nominee Directors to the board of
directors of the Company (the "Board") on completion of the Subscription and
two of the existing Directors would resign from the Board (without payment of
any compensation).

Pursuant to the LOI, LVIL has paid a cash deposit of £65,000 (the "Deposit")
to the Company, to be used by the Company to pay certain agreed creditors and
professional fees. If the approval of shareholders of the Company and other
regulatory approvals required to complete the Subscription are not received
and a substantively similar transaction is not entered into and completed
between the parties, the Deposit is to be converted into such number of new
ordinary shares in the Company as would represent 10.833% of the Company's
enlarged and fully diluted share capital.

Report & Accounts to 31 December 2023

At the date of this announcement, the Board is still not in a position to
finalise and publish the Annual Report and Accounts of the Company for the
financial year ended 31 December 2023, but anticipates that it will be in a
position to do so shortly after the completion of the Subscription.

Continuation of Suspension of Listing

The listing of the Company's existing issued ordinary shares on the FCA's
Official List (standard segment) was suspended on 27 April 2023 and it is not
anticipated that such listing will have been restored by the date of
completion of the Subscription.

Christopher Pitman, Chairman of Boston International Holdings plc, commented:

"The Board is delighted to be able to announce the letter of intent with LVIL
for this subscription for new ordinary shares in the Company. LVIL has
experience in the oil & gas sector and hopes to be in a position to
introduce suitable acquisition opportunities to the Company in this sector in
due course."

For more information, please contact:-

 Boston International Holdings Plc
 Christopher Pitman, Chairman                  +44 (0) 7768 104329
 Beaumont Cornish Limited (Financial adviser)
 Roland Cornish / Asia Szusciak                +44 (0) 20 7628 3396

Important Notice:-

Beaumont Cornish Limited, which is authorised and regulated in the United
Kingdom by the Financial Conduct Authority, is Financial Adviser to the
Company in relation to the matters referred herein. Beaumont Cornish Limited
is acting exclusively for the Company and for no one else in relation to the
matters described in this announcement and is not advising any other person
and accordingly will not be responsible to anyone other than the Company for
providing the protections afforded to clients of Beaumont Cornish Limited, or
for providing advice in relation to the contents of this announcement or any
matter referred to in it.

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