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Fragrant Prosperity Holdings Limited: Intended Acquisition and Suspension of Listing
Home / Client News / Fragrant Prosperity Holdings Limited: Intended Acquisition and Suspension of Listing

The Directors of FPP are pleased to inform shareholders that the Company has signed a letter of intent (“LOI”) with CiiTECH Ltd, a leading cannabis wellness company based in the UK and Israel (the “Target”), in relation to the potential acquisition of the Target by FPP (“Intended Acquisition”). Chrystal Capital LLP is acting as exclusive Financial Advisor to the Target in respect of the Intended Acquisition.

Under the LOI, FPP has conditionally agreed to acquire the Target for a consideration of £17,500,000 (subject to adjustment should the number of securities the Target has in issue vary between the date of this announcement and completion) to be satisfied by the issue of Ordinary Shares in the capital of FPP at a price of 5.25 pence per Ordinary Share. The LOI is non-binding save principally for provisions relating to a 120 day exclusivity period and confidentiality.

A transaction structure has been agreed in outline with the Target and completion of the Intended Acquisition is conditional, inter alia, upon:

·    the completion of satisfactory financial, legal and commercial due diligence on the Target as FPP may determine necessary;

·    agreement on the composition of the new board of FPP;

·    the re-naming of FPP as CiiTECH Group Limited; and

·    publication of a prospectus and admission of the enlarged share capital of FPP to the Standard Segment of the Official List and to trading on the Main Market.

·    Approval by FPP shareholders of the name change and issue of consideration shares

https://www.londonstockexchange.com/news-article/FPP/intended-acquisition-and-suspension-of-listing/14988480

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