Business
Extension of PUSU deadline for Mustang and Cykel
Extension of PUSU deadline for Mustang and Cykel.
About this update from Defi Development Corporation Uk Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.\nTHIS ANNOUNCEMENT DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE \"CODE\") AND THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE MADE\nFOR IMMEDIATE RELEASE\n12 April 2024\nExtension of PUSU deadline for Mustang and Cykel\nOn 19 January 2024, Mustang Energy PLC (Mustang) and Cykel AI PLC (Cykel) jointly announced that they had entered into a non-binding heads of terms for Mustang to acquire the entire issued share capital of Cykel, a company incorporated in England and Wales which is listed on the Aquis Stock Exchange Growth Market (AQSE: CYK). Further extensions were announced on 16 February 2024 and 15 March 2024.\nFurther to the announcement of 15 March 2024, and in accordance with Rule 2.6(a) of the Code, Mustang was required, no later than 5.00 p.m. (London time) on 12 April 2024, to either announce a firm intention to make an offer for Cykel in accordance with Rule 2.7 of the Code or announce that Mustang does not intend to make an offer for Cykel, in which case the announcement would be treated as a statement to which Rule 2.8 of the Code applies (the Deadline).\nDiscussions between Mustang and Cykel remain ongoing and the draft prospectus for the issue of the new Mustang shares to Cykel shareholders remains in the review process of the Financial Conduct Authority (the FCA). Therefore, in accordance with Rule 2.6(c) of the Code, Cykel has requested, and the Panel on Takeover and Mergers (the Takeover Panel) has consented to, an extension to the date by which Mustang is required to either announce a firm intention to make an offer for Cykel in accordance with Rule 2.7 of the Code or announce that Mustang does not intend to make an offer for Cykel, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.\nMustang and Cykel today jointly announce that the Takeover Panel has consented to an extension to the Deadline until 5.00 p.m. (London time) on 10 May 2024. The Deadline may be further extended with the consent of the Panel, at Cykel's request, in acc...