Starcrest Education The Belt & Road Update on Proposed Transaction (6579Q)
March 01 2021 - 1:47AM
UK Regulatory
TIDMOBOR
RNS Number : 6579Q
Starcrest Education The Belt & Road
01 March 2021
01 March 2021
Starcrest Education The Belt & Road Limited
("Starcrest" or the "Company" or the "Group")
Update on Proposed Transaction
Starcrest Education The Belt & Road Limited (LSE: OBOR ),
the international developer and operator of education services in
Europe, today would like to provide an update on its intention to
acquire sixty per cent. of the issued share capital of The London
School of Science and Technology Limited, (the "Target") (the
"Proposed Transaction"), as announced on 18 September 2019.
Due to the uncertainties of the COVID-19 pandemic, it is now
likely that there will be no further progression of the Proposed
Transaction until after 30 June 2021. As shareholders are aware,
the Government has now outlined a roadmap for the UK to come out of
lockdown, which will be used in determining the timescale for the
resumption of the Proposed Transaction. It should be noted that
until all the due diligence has been completed, there is no
certainty that the Proposed Transaction with the Target will
complete.
The Company has sufficient funds, totalling GBP1.3m, with which
it can deliver upon its strategy of capitalising on the enormous
potential of the Chinese education sector and the opportunities
arising from China's 'One Belt, One Road' ("OBOR") initiative. In
the interim, the Company is continuing to seek acquisition targets
across Europe, which will add value and support this strategy.
- Ends -
Enquires:
Starcrest Education
John McLean OBE, Non-Executive Chairman +44 (0) 7768 031454
Allenby Capital Limited (Financial
Adviser and Broker)
John Depasquale / James Hornigold +44 (0) 20 3328 5657
Yellow Jersey PR (Financial PR)
Sarah Hollins
Henry Wilkinson +44 (0) 20 3004 9512
Notes to editors:
Starcrest is an international developer and operator of
education services in Europe. The newly formed entity has been
established to seek acquisition opportunities in the international
education sector.
The Company intends to capture opportunities arising from the
'One Belt, One Road' ("OBOR") initiative, a foreign policy and
economic strategy of the Chinese Government. The term derives from
the Silk Road, the ancient trade route, and encompasses the
overland 'Silk Road Economic Belt' and the '21st-Century Maritime
Silk Road,' concepts introduced by Chinese President Mr Xi Jinping
in 2013. These are the two major axes along which China proposes to
economically link Europe to China through countries across Eurasia
and the Indian Ocean. The OBOR initiative also links to Africa and
Oceania.
Starcrest listed on the Main Market of the London Stock Exchange
on 31 January 2019 under the ticker symbol (LSE: OBOR). Further
information can be found on the Company's website at
https://www.starcresteducation.com .
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END
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