Business
Update on proposed RTO and Extension of Agreement
Update on proposed RTO and Extension of Agreement.
About this update from Hellenic Dynamics Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9381Q\n U.K. SPAC PLC\n 01 November 2021\n \n \n \n \n \n 1 November 2021\n \n \n U.K. SPAC PLC\n \n \n (\"UK SPAC\" or the \"Company\")\n \n \n \n \nUpdate on proposed RTO and Extension of Agreement \n \n \n \n \n \n On 2 August 2021, \n U.K. SPAC Plc (AIM: SPC), an AIM Rule 15 cash shell, announced that it had signed \n a binding sale and purchase agreement (\"the Agreement') with Hellenic Dynamics S.A. (\"Hellenic\") \n in relation to the acquisition of 100 per cent. of the issued share capital of Hellenic (the \"Acquisition\").\n \n \n \n \n \n The directors of the Company are pleased to advise that the transaction continues to progress as detailed in the announcement of 2 August 2021.\n The Company is in the process of advancing its application and draft prospectus with the FCA. By reason of the nature of Hellenic's business, however, it is necessary to obtain various legal opinions in multiple international jurisdictions and, in relation to certain of these jurisdictions, to undertake extended due diligence, all of which has had an impact on the estimated completion date for the Acquisition. \n \n \n \n \n \n The Agreement contained a number of conditions for completion to occur, including the condition that the Admission to the Official List (by way of a Standard Listing under Chapter 14 of the Listing Rules) and to trading on the London Stock Exchange's main market for listed securities of UK SPAC's enlarged share capital should take place on or before 31 October 2021 (\"the Long Stop Date\").\n \n \n \n \n \n As a result of the necessity for the enhanced legal and due diligence work outlined above, the Company and Hellenic have agreed to extend the Long Stop Date to 31 January 2022. All other terms in the Agreement remain unchanged.\n \n \n \n \n \n UK SPAC and Hellenic remain wholeheartedly committed to completing the Agreement at the earliest possible date.\n \n \n \n \n \n For further information, please visit \n http://www.ukspacplc.com\n or contact the following:\n \n \n \n \n \n \n \n \n U.K. SPAC Plc\n \n \n \n \n 07500 558 235\n \n \n \n \n \n \n Peter Jay\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Cairn Financial Advisers L...