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LONDON - 450 plc announced Tuesday it has signed non-binding heads of terms for the potential acquisition of Silvercloud Holdings Limited, which owns a majority stake in premium heritage footwear brand Le Chameau Holdings Limited.
Trading in 450 plc shares on London’s AIM market has been suspended as the transaction would constitute a reverse takeover under AIM Rules. The suspension will remain in place until either an admission document is published or an announcement confirms the deal is not proceeding.
Le Chameau, established in 1927, specializes in handmade rubber boots and is majority-owned by Silvercloud Holdings.
The potential transaction is subject to several conditions including shareholder approval, due diligence, and execution of a binding agreement. The company noted there is no certainty the acquisition will complete.
The deal is classified as a Related Party Transaction under AIM Rules because Silvercloud is wholly owned by Marwyn Value Investors LP, which is a substantial shareholder in 450 plc. Some partners of Marwyn Investment Management LLP, which manages Marwyn Value Investors funds, also serve as directors of both 450 plc and Silvercloud.
450 plc cautioned shareholders that if its shares remain suspended from trading on AIM for six months, there is a risk of the company’s admission being canceled.
The company stated in its press release that further updates will be provided in due course.
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