Business
Expiry of Investment Commitment
Expiry of Investment Commitment.
About this update from Kanabo Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 5805H\n Spinnaker Opportunities PLC\n 25 March 2020\n \n \n \n 25 March 2020\n \n \n Spinnaker Opportunities plc\n \n (\"Spinnaker\" or the \"Company\")\n Expiry of Investment Commitment\n \n On 19 June 2019 Spinnaker announced the terms of a contractual investment commitment, via Peterhouse Capital Limited, for a maximum of £1.4 million (the \"Investment Commitment\") from a single professional investor, conditional on the completion of the Proposed Acquisition of Kanabo Research Ltd and admission to trading by an agreed long-stop date.\n The Investment Commitment was extended by agreement with the investor, while the Company has been awaiting regulatory clearance to proceed with the transaction.\n The investor has notified the Company that it will not extend the long-stop date beyond its current expiry on 31 March 2020, and therefore the Investment Commitment will fall away on that date.\n \n Commenting on the developments, Andy Morrison, Chairman of Spinnaker said:\n \n \"We would like to express our appreciation to the investor for their commitment since the arrangement was agreed in July 2019. The decision by the investor is not surprising in the current market environment and both the Company and the investor remain open to resuming discussions as and when conditions improve.\"\n \n \n \n For further information, please visit http://www.spinnakeropportunities.uk/ or contact the following:\n Peterhouse Capital (Financial Adviser and Joint Broker)\n Tel: +44 (0)20 7469 0930\n Guy Miller/ Lucy Williams / Eran Zucker\n \n SI Capital (Joint Broker)\n \n \n Tel: +44 (0)1483 413 500 / +44 (0) 203 871 4038\n \n \n Nick Emerson / Greg Mahoney\n \n \n Blytheweigh (Financial PR)\n \n \n Tel: +44 (0) 207 138 3224\n \n \n Camilla Horsfall / Megan Ray \n \n \n Market Abuse Regulation (MAR) Disclosure\n \n \n Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement. \n \n \n Notes to Editors\n \n \n Kanabo is an Israel based company, that believes that by creating a holistic ecosystem that works together in synergy, it can create a new standard in the medical Cannabis industry and improve the well-being of millions...