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Sabien Technology withdraws reverse takeover bid for Ptarmigan Health Destinations
StockMarketWire.com
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Energy saving technology group Sabien Technology said it had withdrawn a reverse takeover bid for Ptarmigan Health Destinations, citing delays in gaining regulatory approvals, and needed to raise funds.
Sabien had announced the potential deal on 19 November but said it wasn't able to secure Swiss and UK regulatory approval in time to avoid the cancellation of its shares from the AIM market.
'Whilst the board continues to believe the proposed acquisition was in the best interests of all shareholders, it decided to withdraw from discussions with Ptarmigan in order to maintain the admission of its ordinary shares to trading on AIM,' the company said.
Sabien said it required further financing in the short-term for investment in its existing business and working capital purposes, due to the deal not proceeding.
It had issued convertible unsecured loan notes to raise £1.25 million, with a conversion price of 0.05p each, at the election of the company.
The notes had a maturity date of 19 January 2023 and would not accrue any interest.
Sabien said it also would issue 2.5 billion warrants at a subscription price of 0.1p each.. Sabien said it was confident that a focus on the development of disruptive green energy-focused technologies would produce value-creating opportunities in the near future.
Trading of the company's shares recommenced on Wednesday.
Story provided by StockMarketWire.com
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