Life Science Developments Limited Update on Potential Acquisition (7298B)
April 06 2017 - 1:00AM
UK Regulatory
TIDMLIFE
RNS Number : 7298B
Life Science Developments Limited
06 April 2017
6 April 2017
Life Science Developments Limited
Update on Potential Acquisition
On 6 October 2016, the Board of Life Science Developments
Limited (the "Company" or "LIFE") announced that it had signed a
non-binding Term Sheet to acquire up to 100% of the issued share
capital of The Diabetic Boot Company Limited ("DBC") for new shares
in LIFE (the "Acquisition").
The Acquisition was subject to the completion of due diligence,
documentation and compliance with all regulatory requirements,
including the AIM Rules. However, it has become evident that the
Acquisition will take longer than envisaged and cannot be completed
before the 7 April 2017 target date on which trading in the
Company's shares will be cancelled on AIM. As LIFE considers that
the prospects of DBC as an investment remain as originally
envisaged despite the delay, the Company is continuing to work with
Regent Pacific Group Limited ("RPG"), a major shareholder in DBC,
to prepare DBC for an IPO by means of a reverse transaction, with a
view to seeking readmission to AIM as previously planned. It is
also envisaged that the Company will seek to raise additional funds
from both existing shareholders and new investors to finance the
development of the enlarged Group going forward.
In the context of the ongoing preparation effort of DBC, the
Company is also in discussions to extend the previously announced
short-term unsecured ("Loan") of GBP200,000 for working capital
purposes. The Loan continues to accrue 7% interest.
The Company intends to update Shareholders on the progress of
the Acquisition and on the Loan rescheduling via announcements on
its website following the cancellation of trading on AIM:
www.lifesciencedevelopments.com.
Life Science Developments Limited
Denham Eke, Chief Financial Officer
+44 (0)1624 639396
Nominated Advisor and Broker
Beaumont Cornish Limited
Roland Cornish and Felicity Geidt
+44 (0)207 628 3396
This information is provided by RNS
The company news service from the London Stock Exchange
END
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