Fri, 26 May 2017 | BUSINESS SALE
An AIM-listed company has agreed sale terms with Thread 35, an e-commerce brand targeting 35-55 year old women under the brand name Sosandar.
The company said the acquisition would constitute a reverse transaction under the AIM Rules.
Cash Shell Orogen, which has been featured in the Sunday Times, Style magazine, Cosmopolitan and Loose Women, has made a secured, interest-free loan of £250,000 to Thread as part of the proposed transaction. The loan may be drawn down in two tranches; the first one of £100,000 may be drawn down immediately while the second may only be drawn down on the condition that letters of intent are obtained from Thread's shareholders to accept the terms of an offer to acquire their shares.
As a result of the heads of terms, the company confirmed it requested that trading in its shares is temporarily suspended, pending either the publication of an admission document or until the proposed acquisition negotiations are terminated.
Chairman of Orogen, Adam Reynolds, said: "I am delighted that Orogen has found an attractive acquisition opportunity so quickly.
"Sosandar is operating in a market that is showing significant growth and it has a highly motivated and experienced management team. With added balance-sheet strength I believe we will be able to accelerate this growth opportunity, benefiting all shareholders in the enlarged group."
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