REG - Electric Guitar PLC - Acquisition Update

Electric GuitarAnnouncement

11/01/2024 07:00

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RNS Number : 2779Z  Electric Guitar PLC  11 January 2024

11 January 2024

Electric Guitar PLC

("Electric Guitar" or the "Company")

 

Acquisition Update

 

The Board of Electric Guitar PLC (LSE: ELEG), the Special Purpose Acquisition
Company seeking acquisitions in the digital marketing and advertising industry
as a provider of first-party data solutions, announces the following update
regarding its proposed acquisition.

 

It has been two years since the Company was admitted to the FCA Official List
and to trading on the Main Market of the London Stock Exchange on 11 January
2022. Since this date, the Company has actively investigated many potential
acquisitions in pursuit of its mission to become the provider of choice of
first-party data solutions through acquisitions and investments in the
marketing and advertising industry.

 

As announced on 7 July 2023, the Company entered into non-binding heads of
terms to acquire all of the outstanding shares in 3radical Limited
("3radical") in an all-share transaction subject to, inter alia, due diligence
and shareholder approval. As the acquisition would be a reverse takeover
pursuant to the FCA's Listing Rules, trading in Electric Guitar's shares was
suspended pending the intended completion of the proposed acquisition of
3radical in accordance with the applicable Listing Rules.

 

As announced on 24 November 2023, the Company has engaged advisers to assist
it in the detailed due diligence of 3radical, as well as the proposed transfer
of the Company's listing to the LSE's AIM market, with a view to facilitating
a fundraising at the same time.

 

The Company remains in active negotiations and advanced stages of the
transaction to acquire the issued and to be issued share capital of 3radical
through a reverse takeover. The Company is hopeful of being in a position to
provide further details and put proposals to shareholders in the coming weeks
and will provide a further update in due course.

 

Should the proposed acquisition of 3radical not proceed, pursuant to the
Company's investment strategy as set out in its prospectus published on 24
December 2021, the Board will recommend to shareholders either that: (i) the
Company be wound up by special resolution (in order to return to shareholders
any remaining distributable assets); or (ii) that the Company continue to
pursue an acquisition for a further year. The Board's recommendation will then
be put to a shareholder vote.

 

For further information:

 Electric Guitar PLC    01189 570 444

 John Hutchinson

 Chair

 Axis Capital Markets  020 3026 0320

 (Corporate Broker)    rh@axcap247.com

 Richard Hutchison

 Yellow Jersey PR      020 3004 9512

 Sarah Hollins         electric@yellowjerseypr.com

                     (https://appriver3651008983.sharepoint.com/sites/CompanyData/Shared%20Documents/Corporate%20Finance/Mandated%20Transactions/Electric%20Guitar/Announcements/electric@yellowjerseypr.com)
 Annabelle Wills

 Bessie Elliot

 

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