Business
Acquisition , Fundraising & Change of Dire...
Acquisition , Fundraising & Change of Dire....
About this update from Tern Plc
[{"type":"text","content":"\n The Core Business plc (the \"Company\" or \"Core Business\")\n\n Proposed acquisition of Amirose International Limited, Placing and Subscription\n for New Shares, Issue of Warrants and Convertible Loan Stocks, Admission to\n trading on AIM of the Ordinary Shares and the New Warrants, Trading Update and\n Change of Directors\n\n3 July 2007\n\nThe Company is pleased to announce that it has entered into a conditional\nagreement to acquire, subject to shareholders' consent and Admission of the\nenlarged share capital of the Company to trading on AIM, the entire issued share\ncapital of Amirose International Limited (\"Amirose\") for a total cash\nconsideration of £2,600,000, (subject to a £1 for £1 increase or reduction if\nthe net asset value of Amirose at Completion is greater or less than £1,234,000)\nto be financed in part by the issue of Placing Shares and Subscriber Shares, in\npart from available cash resources, and in part from the issue of the\nConvertible Loan Stocks.\n\nThe Acquisition constitutes a reverse takeover for the purposes of AIM Rules and\nis, accordingly, conditional upon shareholder approval in general meeting. A\ndocument that contains information on the proposals and details of the EGM at\nwhich such approval will be sought has today been sent to shareholders.\n\nAdditional information on the enlarged group can be found below.\n\nMay Louise Jennings has today resigned as a Director of the Company. She will\nremain as an employee of the Company and the decision has been made to allow her\nto focus on developing the brand distribution and brand ownerships activities of\nthe Company.\n\nJack Gordon, the current Managing Director of Amirose, has agreed, subject to\ncompletion of the acquisition of Amirose, to join the board of the Company.\nFurther details regarding Jack Gordon can be found below.\n\n\nFor further information, please contact:\n\nThe Core Business plc\nStirling Murray, Chief Executive 020 7483 4300\n\nEllis Stockbrokers Limited\nNeil Badger 01293 517 744\n\nARM Corporate Finance Limited\nNick Harriss 020 7512 0191\n\n\nInformation on the Enlarged Group\n\nBackground to and reasons for the Acquisition\n\nWhen Core Business was admitted to trading on AIM in March 2006, the Directors\nstated that they saw an opportunity to build a beauty management group with the\ncapability of generating capita...