Business
Statement re Termination of Potential Acquisition
Statement re Termination of Potential Acquisition.
About this update from Focus Xplore Plc
[{"type":"text","content":"\n \nRNS Number : 5772X Opera Investments plc 09 May 2016 \n\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, WITHIN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION\n \nFOR RELEASE 7am 9 May 2016\n \nOpera Investments plc (\"Opera\" or the \"Company\")\n \nTermination of Heads of Terms Agreement regarding potential acquisition (the \"Acquisition\") of SoloPower Systems Holdings, Inc. (\"SoloPower\")\n \nLifting of Suspension of Trading\n \nThe Company would like to provide the following update to its shareholders.\n \nTermination of Heads of Terms Agreement\n \nSince July 2015, the Directors of Opera (\"the Directors\") have worked continuously to complete the Acquisition of SoloPower for the benefit of Opera's shareholders as quickly as possible. SoloPower is a portfolio company of Hudson Clean Energy Partners (\"Hudson\").\n \nOn 18 March 2016, the Directors announced that they had amended the Heads of Terms Agreement with Hudson to allow Hudson the ability to complete a financing of SoloPower without an exclusive requirement to effect the Acquisition at the same time. In addition, the Directors agreed that during the period until 15 May 2016 if a London Listing of SoloPower was required by Hudson, that such a Listing will take place on an exclusive basis with Opera on the original agreed terms.\n \nOn 3 May 2016, the Company received notification from Hudson that SoloPower is seeking to fund itself without the requirement for a public offering and London Listing at this time. The Directors therefore announce that the Acquisition will not now proceed and announce that the Heads of Terms Agreement with Hudson has been terminated. \n \nThe Directors are sincerely disappointed, especially after the time and effort expended, that the transaction will not proceed. The Directors maintain that it would have been very much in the best interests of Opera's shareholders and have worked as hard as possible to complete the transaction.\n \nLifting of Suspension of Trading\n \nDue to the size and nature of the Acquisition, it was treated as a reverse takeover for the purposes of the UK Listing Authority's Listing Rules and was to be subject to...