Eastbridge Investments PLC Heads of Terms Agreed and Suspension of Shares (3714L)

TIDMEBIV

RNS Number : 3714L

Eastbridge Investments PLC

11 January 2016

Eastbridge Investments Plc

Heads of Terms for Reverse Acquisition

Suspension from Trading on AIM

11 January 2016

On 9 January 2015, Eastbridge Investments Plc ("Eastbridge" or "Company") held a general meeting at which the disposal of the Company's former business and adoption of a new investing policy focussed on residential property development was approved by shareholders. Subsequently, on 30 October 2015, the Company's investing policy was changed in recognition of the increasing difficulty of securing funding to make investments. The new policy adopted by shareholders was to invest in asset backed debt instruments and Eastbridge announced on 2 December 2015 that it made its first investment of GBP500,000 in a 9.85% securitisation note.

Under the AIM Rules for Companies, an investing company such as Eastbridge is required to either have fulfilled its investing policy or carried out a reverse acquisition within 12 months of the date upon which it became an investing company. Given the limited financial resources available to Eastbridge, the majority of which have been invested, the Company is not considered to have fulfilled its investing policy and it has not yet completed a reverse acquisition

The directors of Eastbridge are pleased to announce that they have agreed terms for the acquisition of Privilege Wealth Plc ("Privilege"). Privilege has developed market-leading proprietary technology to provide and manage lines of credit and short term loans and has built and continues to grow a substantial loan book in the USA.

The acquisition of Privilege would constitute a reverse transaction under the AIM Rules for Companies and would be subject to approval by Eastbridge's shareholders in general meeting. Further to the completion of Heads of Agreement on 8 January 2016, negotiation and due diligence regarding the reverse acquisition of Privilege are ongoing and the Company will make further announcements in respect of this proposed transaction in due course.

Accordingly, the Company's ordinary shares of no par value will be suspended from trading on AIM with effect from today.

For further additional information please contact:

 
 Eastbridge Investments Plc          Tel: 07830 182501 
  Gregory Collier 
----------------------------------  ------------------ 
 Nominated Adviser                   Tel: 020 7382 
  Northland Capital Partners          1100 
  Limited 
  William Vandyk / Matthew Johnson 
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 Sole Broker                         Tel: 020 7469 
  Peterhouse Corporate Finance        0930 
  Limited 
  Fungai Ndoro / Lucy Williams 
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This information is provided by RNS

The company news service from the London Stock Exchange

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January 11, 2016 02:00 ET (07:00 GMT)

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