News Announcement

: Block Commodities Ltd: Possible Acquisition and Suspension of Listing

Block Commodities Ltd: Possible Acquisition and Suspension of Listing

Fri, 21 Sep 2018 17:15:01
: Block Commodities Ltd: Possible Acquisition and Suspension of Listing

Block Commodities Ltd (BLCC)

21-Sep-2018 / 17:15 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

21 September 2018

BLOCK COMMODITIES LIMITED

("Block Commodities" or the "Company")

 

Block Commodities Limited / Epic: BLCC / Sector: Mining

 

Possible Acquisition and Suspension of Listing


Block Commodities Limited, the innovative commodity trader operating in Africa, is pleased to inform shareholders that it has signed a non-binding letter of intent ("LOI") for the acquisition of the entire issued share capital of Block Commodities Limited ("Potential Target") by The Eelleet Network Corp. ("TEN" or the "Potential Acquirer") a private limited liability company incorporated in Canada.

Subject to negotiation completion of the necessary Transaction Documents, TEN intends to make an all-share recommended offer for the fully-diluted share capital of the Company with the objective of listing its common shares on the Canadian Securities Exchange ("CSE"), in accordance with the provisions of the UK Takeover Code and the rules and regulations of the CSE.

The Acquisition is subject, inter alia, to the completion of due diligence, documentation and compliance with all regulatory requirements, including the NEX Exchange Growth Market Rules and, as required, the Takeover Code. In addition, the Acquisition is conditional on the approval of the CSE.

The Acquisition, if successful, will lead to Block Commodities de-listing from the NEX Exchange.

While at a preliminary stage, the Company is making this announcement due to the Potential Acquirer having to announce the existence of the LOI under the British Columbia Securities Commission Securities Law. The listing in the Company's ordinary shares has been suspended at the Company's request pending the publication of an Offer Document and Listing Statement.

The Company will update shareholders as the matter progresses.

The Directors of the Company accept responsibility for the content of this announcement.

 

For further information, please contact:

 

Block Commodities Limited

 

Chris Cleverly

info@blockcommodities.com

 

 

NEX Exchange Corporate Adviser:

 

Alexander David Securities Limited

 

David Scott - Corporate Finance

+44 (0) 20 7448 9820

James Dewhurst - Corporate Broking

+44 (0) 20 7448 9820

 

 

Public and Investor Relations:

 

Cassiopeia Services - Stefania Barbaglio

stefania@cassiopeia-ltd.com

 




show this