Starcrest Education Limited Cancellation of Proposed Acquisition (2068V)
10 12월 2021 - 4:00PM
UK Regulatory
TIDMOBOR
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 GBP70,000. On
28 September 2021, the Company announced, inter alia, that it has
received a letter of support confirming that up to a further
GBP500,000 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
Vivek Bhardwaj +44 (0) 20 3328 5657
Yellow Jersey PR (Financial PR)
Sarah Hollins
Henry Wilkinson +44 (0) 20 3004 9512
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 .
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END
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