Business
Suspension and Potential Acquisition
Suspension and Potential Acquisition.
About this update from Blue Star Capital Plc
[{"type":"text","content":"\n \nRNS Number : 7856V Blue Star Capital plc 26 July 2018 \n\nBlue Star Capital plc\n(\"Blue Star\" or the \"Company\")\nHeads of Terms Agreed, Temporary Suspension, \nExtension of Convertible Loan to SatoshiPay and SatoshiPay Fundraising \n \n \nBlue Star (AIM: BLU), an investing company with a focus on technology, announces that it has agreed heads of terms to acquire the entire issued share capital of SatoshiPay Ltd (\"SatoshiPay\"), subject to certain conditions and due diligence (the \"Proposed Acquisition\"). The heads of terms provide the Company with exclusivity in relation to the Proposed Acquisition until 31 October 2018. Accordingly, the Company has agreed not to convert the €200,000 convertible loan note (\"CLN\") made to SatoshiPay on 1 December 2017 until such a time that the Proposed Acquisition completes or is terminated. The Proposed Acquisition, if completed, would constitute a reverse transaction.\n \nFurthermore, the Company announces that, on 25 July 2018, SatoshiPay completed a fundraising of €566,000 at a valuation of €17 million (the \"Fundraise\"). As a result of the Fundraise, the Company's current shareholding in SatoshiPay now represents 30.1% of SatoshiPay's total issued share capital. The Company's shareholding, based on a valuation of €17.57 million following the Fundraise, would itself be valued at €5.29 million.\n \nTemporary suspension\n \nThe Company has requested that trading in its shares is temporarily suspended pursuant to AIM Rule 14, pending either the publication of an admission document in relation to the enlarged group or until negotiations in respect of the Proposed Acquisition are terminated. The Company's shares will be suspended from trading with effect from 07:30 a.m. today.\nThis announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (\"MAR\"). \nFor further information, please contact: \nBlue Star Capital plc +44 (0) 777 178 2434\nTony Fabrizi  ...