Electric Guitar Plc Proposed RTO

 
TIDMELEG 
 
Proposed RTO 
 
7[th] July 2023 08:00 
 
RNS Number : 
 
Electric Guitar PLC 
 
7[th] July 2023 
 
This announcement contains inside information as stipulated under the UK version 
of the Market Abuse Regulation No 596/2014 which is part of English Law by 
virtue of the European (Withdrawal) Act 2018, as amended.  On publication of 
this announcement via a Regulatory Information Service, this information is 
considered to be in the public domain. 
 
7[th] July 2023 
 
Electric Guitar PLC ("ELEG") 
 
Heads of Terms signed 
 
Proposed Reverse Takeover and Suspension of Listing 
 
Reverse Takeover 
 
ELEG is pleased to announce that as of 6[th] July 2023 it has entered into a non 
-binding heads of terms to acquire (through a reverse takeover subject to 
regulatory and shareholder approval and due diligence) all the outstanding 
shares in 3radical Limited ("3radical") in an all-share transaction 
("Transaction"). 
 
The Transaction is in line with ELEG's strategy set out at the time of its IPO 
last year.  On completion of the Transaction, ELEG's intention is to cancel its 
listing on the Standard List and seek admission of its ordinary share capital, 
as enlarged following completion of the Transaction, to trading on the AIM 
Market of the London Stock Exchange ("Admission"). 
 
The heads of terms place an initial valuation on 3radical of £3 million, subject 
to adjustments. 
 
Suspension of Listing 
 
The Transaction, once completed, would constitute a reverse takeover under the 
Listing Rules.  As ELEG is not yet able to provide full disclosure under Listing 
Rule 5.6.15, it has requested from the Financial Conduct Authority, and been 
granted, a suspension of listing in its shares with immediate effect pending 
either the issue of an announcement providing further details on the 
Transaction, the publication of a prospectus, or an announcement that the 
Transaction is not proceeding.  Any restoration of the listing prior to 
Admission is subject to the approval of the Financial Conduct Authority.  The 
parties are committed to seeking a successful completion of the Transaction as 
soon as practicable, but there can be no absolute certainty that the Transaction 
will take place. 
 
ELEG Chief Executive, John Regan, commented: 
 
"The marketing industry is increasingly driven by shifts in attitudes toward 
privacy which are driving marketers to focus on first-party data and customer 
experience - a People First strategy.  3radical's sophisticated and consented 
-first-person technology, coupled with its worldwide market presence, made it a 
perfect choice for Electric Guitar to join forces with." 
 
John Hutchinson, Chairman of ELEG, added: 
 
"We are delighted to have agreed heads of terms with 3radical.  We have reviewed 
numerous projects since Electric Guitar's IPO last year, and believe the 
combination with 3radical will represent an excellent first step in meeting our 
stated objective of building a world-class business delivering People First 
technology and data for marketers to build meaningful consumer connections." 
 
Chairman of 3radical, David Eldridge, said: 
 
"This is an exciting and important step in 3radical's business of delivering the 
technology services that marketers need to power customer experiences in the 
post-privacy People First world.  Joining with Electric Guitar as a listed 
business provides 3radical with access to the funding and talent needed to 
accelerate our growth, and also the opportunity to integrate complimentary 
technology to enhance our offerings as together we aggressively pursue the 
significant market opportunity ahead." 
 
Further announcements and updates will be made in due course. 
 
Electric Guitar PLC 
 
John Hutchinson 
Chairman             +44 1189 570444 
 
Corporate Broker 
 
Axis Capital Markets 
Richard Hutchison             +44 203 026 0320 
 
rh@axcap247.com 
 
Media Relations 
 
John Regan 
Chief Executive, Electric Guitar PLC +44 7721 348 826 
 
David Eldridge 
Chairman, 3radical Limited +44 7970 932 498 
 
This announcement has been issued by and is the sole responsibility of Electric 
Guitar PLC ("ELEG"). 
 
This announcement is not intended to, and does not, constitute or form part of 
any offer, invitation or the solicitation of an offer to purchase, otherwise 
acquire, subscribe for, sell or otherwise dispose of, or vote in any manner, any 
securities pursuant to this announcement or otherwise. The distribution of this 
announcement in jurisdictions outside the United Kingdom may be restricted by 
law and therefore persons into whose possession this announcement comes should 
inform themselves about, and observe such restrictions. Any failure to comply 
with the restrictions may constitute a violation of the securities law of any 
such jurisdiction. 
 
 
This information was brought to you by Cision http://news.cision.com 
 
 
END
(END) Dow Jones Newswires
July 07, 2023 03:00 ET (07:00 GMT)
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