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Sabien convenes GM for shareholder approval of proposed Ptarmigan Health Destinations acquisition
StockMarketWire.com
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Sabien Technology Group has announced a general meeting on 20 January to seek shareholder approval of a resolution in connection with the proposed acquisition of Ptarmigan Health Destinations SA - a health destination company based in the valley of Evolene, in the Canton of Valais.
Sabien's ordinary shares are currently suspended from trading on AIM. The company has 12 months from 20 January 2020 in which to publish an admission document in relation to the proposed acquisition, or to confirm that the discussions have ceased.
Despite progress being made, the company said it is extremely unlikely that it will be able to publish an admission document by 20 January 2021, and this would result in cancellation of admission to trading on AIM of the company's securities.
Even though the company's securities will be cancelled from trading on AIM in such case, the company still intends to complete the proposed acquisition and will re-apply for admission of the enlarged group's ordinary shares to trading on AIM. The directors believe that it is in the best interests of the company to ascertain at this stage the sentiment of shareholders. On completion of the acquisition, the company would be renamed Health Destinations.
Sabien has agreed to acquire the issued and to be issued share capital of PHD for consideration of approximately £44.48 million to be satisfied by the issue of ordinary shares in the company to the vendors of PHD, at an issue price of 325 pence following the share consolidation (equivalent to 0.325 pence per share prior to the share capital consolidation). This would result in the issue of approximately 13.7 million new ordinary shares in Sabien.
The general meeting will be held at 10.00 am on 20 January 2021 by video conference.
Story provided by StockMarketWire.com
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