REG - Starcrest Education - Cancellation of Proposed Acquisition

Starcrest Education The Belt & RoadAnnouncement

10/12/2021 07:00

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RNS Number : 2068V  Starcrest Education Limited  10 December 2021

Prior to publication, the information contained within this announcement was
deemed by the Company to constitute inside information for the purposes of
Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310.
With the publication of this announcement, this information is now considered
to be in the public domain.

 

10 December 2021

 

Starcrest Education Limited

("Starcrest" or the "Company" or the "Group")

 

Cancellation of Proposed Acquisition of National Training Company Limited
("NTC")

 

Restoration of Trading

 

Starcrest Education Limited (LSE: OBOR), the international developer and
operator of education services in Europe, announces the cancellation of its
intended acquisition of National Training Company Limited ("NTC"), as
initially announced on 6 August 2021 (together the "Proposed Transaction").

 

The non-legally binding heads of terms ("Heads of Terms") signed by the
Company comprised the acquisition of up to 80% of the issued share capital of
NTC and put options to require it to purchase the remaining 20% of NTC's
issued share capital, which would amount to a reverse takeover under the
Listing Rules.

 

On 6 August 2021, at the time of the announcement, the Directors considered
NTC to be an excellent opportunity for the Company and they still do, however,
due to current market conditions, the Company is no longer able to proceed
with the reverse takeover.

 

The Company's funds as of 9 December 2021 totalled £70,000. On 28 September
2021, the Company announced, inter alia, that it has received a letter of
support confirming that up to a further £500,000 is available from its parent
company, Starcrest Education Management Company Ltd, in the event the Proposed
Transaction does not proceed. In this regard, the Company has now requested
funds from Starcrest Education Management Limited to support the Company while
it determines its ongoing strategy as a listed company.

 

Restoration of trading

 

In light of the discussions relating to the Proposed Transaction ceasing, the
suspension of the Company's Ordinary Shares from trading on the Standard
Listing segment of the Official List of the UK Listing Authority will be
lifted. Trading in the Company's shares is expected to commence today, 10
December 2021.

 

Further updates will be provided in due course, as necessary.

 

- Ends -

 

Enquiries:

 

 Starcrest Education

 John McLean OBE, Non-Executive Chairman                 +44 (0) 7768 031454

 Allenby Capital Limited (Financial Adviser and Broker)

 John Depasquale                                         +44 (0) 20 3328 5657

 Vivek Bhardwaj

 Yellow Jersey PR (Financial PR)

 Sarah Hollins                                           +44 (0) 20 3004 9512

 Henry Wilkinson

 

 

Notes to editors:

Starcrest is an international developer and operator of education services in
Europe. The Company was established to seek acquisition opportunities in the
international education sector and to provide premier education services and
products in the UK and to countries in Europe.

 

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
(https://www.starcresteducation.com) .

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