REG-Simian Global Plc: Statement re Update on Acquisition and Suspension <Origin Href="QuoteRef">SMGS.L</Origin>

Grand Vision Media HoldingsAnnouncement

15/11/2017 16:26

 

15 November 2017

SIMIAN GLOBAL PLC

(“Simian” or the “Company”)

Update on Acquisition and Suspension of Listing

In February 2017 we announced that we had signed a non-binding letter of
intent ("LOI") to acquire the entire issued share capital of GVC Holdings
Limited, a limited liability company in the media and advertising business
incorporated in the British Virgin Islands (the “Potential Target”), for
new shares in the Company (the "Acquisition").

We are pleased to announce that due diligence, documentation and compliance
with all regulatory requirements, including the Listing and Prospectus Rules
and, as required, the Takeover Code, are progressing well and the Directors
remain positive about the transaction.

As a result we have extended the exclusivity period with the Potential Target
to 31 March 2018 but we hope that the publication of a prospectus and the
application for the enlarged Company to have its Ordinary Shares admitted to
the Official List and to trading on the main market for listed securities of
the London Stock Exchange will have occurred before then.

In addition to the £200,000 paid to the Potential Target under a Deposit
Agreement dated 17 February 2017 to be repaid on completion of the transaction
or, if earlier upon either party withdrawing from the Transaction, your Board
have resolved to lend the Potential Target a further £50,000 at a rate of 15%
per annum, repayable on 31 March 2018, the date of the cessation of the
exclusivity period.

The Company will update shareholders further as the matter progresses.

For more information:

 Simian Global Plc              www.simianglobal.com                                
 Edward Kwan-Mang Ng, Director  Tel: +44 (0) 20 7866 2145 or info@simianglobal.com  

   

 Alfred Henry Corporate Finance Ltd                                                        
 Jon Isaacs                          Tel: +44 (0) 20 7309 2242 or jisaacs@alfredhenry.com  



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