Papillon Holdings Papillon Holdings Plc : Statement Re Acquisition Update
September 06 2017 - 2:00AM
UK Regulatory
TIDMPPHP
Papillon Holdings plc / Index: LSE / Epic: PPHP / Sector: Investment
Papillon Holdings Plc ('Papillon' or 'the Company')
Acquisition Update
Papillon, the standard listed investment company announces that,
following due diligence, the formal Sale and Purchase agreement ('SPA')
with the directors and principal shareholders of Myclubbetting Ltd
('Myclubbetting') has been terminated. As part of the termination,
Myclubbetting has agreed to refund all costs incurred by Papillon during
the transaction process.
The SPA contained certain provisions regarding the completion and
positive conclusion of due diligence by the Directors and its advisers
on the acquisition. Unfortunately, agreement between the parties on
these has not materialised, resulting in negotiations being terminated.
The Company has now requested for the listing of its ordinary shares,
which have been suspended, to be restored to trading.
Papillon CEO Charles Tatnall said, "I am obviously disappointed that
following a huge amount of work, we have failed to conclude this
transaction, although we are pleased that all costs incurred by us will
be reimbursed. Our aim now is to identify another opportunity from our
network which fits with the investment parameters of Papillon. I'd like
to thanks shareholders for their patience and look forward to
identifying the right company for a transaction."
**ENDS**
For further information visit www.papillonholdingsplc.com or contact the
following:
Charles Tatnall Papillon Holdings plc info@papillonholdingsplc.co
m
Financial Adviser
Jon Isaacs Alfred Henry Corporate jisaacs@alfredhenry.com
Finance Limited +44 (0) 20 7309 2242
Financial PR
Isabel de Salis / Olivia St Brides Partners info@stbridespartners.co.uk
Vita Limited +44 (0) 20 7236 1177
This announcement contains inside information for the purposes of
Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR).
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Papillon Holdings PLC via Globenewswire
http://papillonholdingsplc.com/
(END) Dow Jones Newswires
September 06, 2017 02:00 ET (06:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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