Business
Proposed Acquisition and Suspension of Listing
Proposed Acquisition and Suspension of Listing.
About this update from Spiritus Mundi Plc
[{"type":"text","content":"\n\n6 March 2024\n \nSpiritus Mundi plc (\"Spiritus Mundi\" or the \"Company\")\n\nProposed Acquisition\nand Suspension of Listing\n \nSpiritus Mundi plc, (LSE:SPMU), the Special Purpose Acquisition Company (SPAC) seeking to acquire targets in Europe and Asia in the clinical diagnostics sector, is pleased to announce that it has entered into a heads of terms (the \"Head of Terms\") to acquire the entire issued share capital of InReste Pte. Ltd. (\"InReste\") (the \"Proposed Acquisition\"). The Proposed Acquisition would constitute a reverse takeover under the UK Financial Conduct Authority (\"FCA\")'s Listing Rules.\n \nInReste operates in the healthcare sector, offering a range of innovative technologies and solutions, including through its related companies. It is an integrated healthcare and wellness provider with an established biomedical research and development arm that holds exclusive patents over a number of clinical diagnostic tests. InReste is currently in the process of undertaking a corporate reorganisation such that, prior to entering into the Proposed Acquisition, it will own the entire issued share capital of Restalyst Pte. Ltd. (\"Restalyst\") and Reste Laboratories Pte. Ltd. (\"ResteLab\") (the \"Restructuring\"). ResteLab operates a 20,000 square foot state-of-the-art laboratory in central Singapore, offering a comprehensive selection of testing, screening and laboratory services to clinicians and healthcare professionals. It is automated to process laboratory tests quickly, turning around up to 10,000 tests daily. These services are complemented by Restalyst, which is an innovative biomedical company that develops, manufactures and markets a range of diagnostic solutions. It provides clinically-proven diagnostic solutions, including a number of patented solutions, to the medical and healthcare industry including detection kits for gastric cancer, nasopharyngeal (nose) cancer and liver cancer.\n \nZaccheus Peh, the Company's Non-Executive Chairman, is a controlling shareholder of InReste and is expected to hold a controlling interest in InReste following completion of the Restructuring.\n \nHeads of Terms\n \nThe Heads of Terms are non-binding save for exclusivity until 31 December 2024 and customary terms of an agreement of this nature, such as confidentiality and governing law. U...