REG - Iconic Labs PLC - Heads of Terms Signed

Iconic LabsAnnouncement

11/03/2024 12:00

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RNS Number : 3572G  Iconic Labs PLC  11 March 2024

11 March 2024

 

Iconic Labs PLC

("Iconic" or the "Company")

Heads of Terms Signed

 

On 29 February 2024, the Company announced that trading in its shares on the
London Stock Exchange had been suspended by the FCA and confirmed that the
Company was in discussions regarding a potential acquisition.

The Board of Iconic is pleased to confirm that it has now entered into
non-binding heads of terms with the owners of ITS Holdings 2023 Ltd (the
"Target"), the holder of the entire issued share capital of In the Style
Fashion Ltd, an online fashion retailer, in connection with the potential
purchase of the entire issued share capital of the Target. The proposed
transaction is, inter alia, conditional on the completion of legal and
financial due diligence on the Target.

If completed, the transaction would constitute a reverse takeover under the
Listing Rules. As the Company is currently unable to provide full disclosure
under Listing Rule 5.6 in relation to the Target, suspension of trading will
continue until such time as a prospectus is published in relation to the
proposed acquisition or the Company announces that the discussions have been
terminated.

No binding agreement has been reached and, accordingly, the Directors of
Iconic cannot guarantee that the proposed transaction will complete or provide
any indication of a likely completion date.

Brad Taylor, Chief Executive Officer of Iconic, commented:

"We are delighted to have entered into a heads of terms to acquire ITS
Holdings 2023 Ltd. This transaction has been one of multiple opportunities
carefully considered by the Board of Iconic and we believe this proposed
acquisition meets our objectives and wider strategy of fostering long-term
growth and value for our shareholders."

This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended).

- Ends -

For more information, please contact:

 Iconic Labs                            Tel: +44 (0) 7462 156238

 Brad Taylor, Chief Executive Officer
 Novum Securities Limited               Tel: +44 (0) 20 7399 9400

 David Coffman / Daniel Harris
 Yellow Jersey PR                       Tel: +44 (0) 20 3004 9512

 Sarah Hollins                          iconic@yellowjerseypr.com

 Annabelle Wills

 Bessie Elliot

 

 

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