PCG Entertainment plc Strategy/Company/Ops Update (4440P)
October 10 2019 - 2:00AM
UK Regulatory
TIDMPGCE
RNS Number : 4440P
PCG Entertainment plc
10 October 2019
10(th) October 2019
PCG Entertainment Plc
("PCGE", the "Company" or the "Group")
PCG Entertainment Plc / NEX: PCGE
Update on planned acquisition
VOX Markets and Align Research
We received a letter from VOX Markets this morning stating that
they are withdrawing from the proposed reverse merger with PCGE,
VOX and Align Research. The main reasons given were:
1. It has emerged that it is proving difficult to raise
significant funding in the small cap market in London for any
business in which Align Research is involved. The proposition has
been turned down by many key brokers.
a. VOX is worried that this will have an impact on the VOX
Group's ability to raise funding in future for other deals and
acquisitions.
b. VOX is also worried that this might have a wash over effect
on VOX's main business as these brokers and funds are all invested
in their client companies.
2. The Heads of Terms agreed between the parties are not
contractually binding in any respect, in particular due to the high
degree of conditionality included in the Heads of Terms, and VOX
are accordingly entitled to withdraw.
We will update shareholders again shortly as discussions
continue with various parties.
For more information on PCGE please visit the Company's website,
www.pcge.com. Enquiries:
PCG Entertainment PLC
Richard Poulden, Chairman
Tel: +44 207 183 7407
Corporate Adviser - First Sentinel Corporate Finance
Brian Stockbridge
Liza Vasilyeva
Tel: +44 207 183 7407
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(END) Dow Jones Newswires
October 10, 2019 02:00 ET (06:00 GMT)