Ark Therapeutics Group Plc Trading halted, Has signed heads of terms in connection with the possible acquisition of a revenue-generating and profitable UK-based private company in the healthcare support services
- The transaction would be structured by way of an acquisition of the Target by Ark in consideration for the issue of new Ark shares to the shareholders of the Target. Due to its size in relation to Ark, the proposed acquisition of the Target constitutes a "reverse takeover" for the purposes of the Listing Rules. However the intention would be that the existing Ark shareholders would retain a significant minority of the equity of the enlarged Company. The Company has requested that the listing of Ark's Premium listed shares on the Main Market of the London Stock Exchange be suspended by the UK Listing Authority pending publication of the required shareholder documents. Shareholder approval would be required to approve the acquisition of the Target which would be sought at a general meeting to be convened in due course, after which the Company also expects to seek a lifting of the trading suspension.