LONDON: Stranger Holdings plc, the London listed investment company, has signed non-binding Heads of Terms to acquire two companies holding technology mineral assets including cobalt, nickel and associated metals.
One is a UK company with assets located in south eastern Cameroon, Africa, and one is a US company with assets in Idaho, United States.
The Acquisitions are subject, inter alia, to the completion of due diligence, documentation and compliance with all regulatory requirements, including the Listing and Prospectus Rules and, as required, the Takeover Code.
The Acquisitions, if they proceed, will constitute a Reverse Takeover under the Listing Rules since, inter alia, in substance it will result in a fundamental change in the business of the issuer.
As the Acquisitions will constitute a Reverse Takeover under the Listing Rules, the Company has requested that the listing in the Company’s ordinary shares be suspended pending the publication of a prospectus in relation to the Acquisition, which the Company is working on, 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.
The previously contemplated and announced transactions to acquire The Airedale House group of companies and HCS (North East) Limited have been terminated with immediate effect.