Business
Proposed Acquisition & Conditional Placing
Proposed Acquisition & Conditional Placing.
About this update from Earnz Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT (INCLUDING ITS APPENDICES) AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL OR BREACH ANY APPLICABLE LAW OR REGULATION. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT.\nTHIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO PURCHASE AND/OR SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES IN EARNZ PLC OR ANY OTHER ENTITY IN ANY JURISDICTION. NEITHER THIS ANNOUNCEMENT NOR THE FACT OF ITS DISTRIBUTION, SHALL FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH ANY INVESTMENT DECISION IN RESPECT OF EARNZ PLC.\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.\nFor immediate release\n8 August 2024\nEARNZ plc\n(\"EARNZ\" or the \"Company\")\nProposed Acquisition of Cosgrove & Drew Ltd\nProposed Acquisition of South West Heating Services Ltd\nConditional Placing to raise up to £4.0 million at 7.5 pence per share\nProposed Waiver of Rule 9 of the Takeover Code\nand\nAdmission of the Enlarged Share Capital to trading on AIM\nIntroduction\nEARNZ plc (AIM: EARN), an AIM Rule 15 cash shell which is seeking acquisitions in the energy services sector, is pleased to announce that EARNZ Holdings Limited (\"EHL\") (its wholly owned subsidiary) has conditionally agreed to acquire under two separate sale and purchase agreements the entire issued share capital of Cosgrove & Drew Ltd (\"C&D\") and South West Heating Services Ltd (\"SWHS\") which both operate in the energy services sector (the \"Acquisitions\").\n C&D, which was incorporated in 2015 by Zac Cosgrove and Luke Drew, is an award-winning asset and energy support services company which focuses on two key services: (i) major projects, self-delivering mechanical engineering projects for mainly commercial sites within the public sector; and (ii) facilities management, providing maintenance, compliance or reactive services of client facilities for heating and plumbing.\nSWHS, which was incorporated in 2019 by Andrew Cust...