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Blue Star Capital plc   -  BLU   

Suspension and Potential Acquisition

Released 07:00 26-Jul-2018

RNS Number : 7856V
Blue Star Capital plc
26 July 2018
 

Blue Star Capital plc

("Blue Star" or the "Company")

Heads of Terms Agreed, Temporary Suspension,

Extension of Convertible Loan to SatoshiPay and SatoshiPay Fundraising

 

 

Blue Star (AIM: BLU), an investing company with a focus on technology, announces that it has agreed heads of terms to acquire the entire issued share capital of SatoshiPay Ltd ("SatoshiPay"), subject to certain conditions and due diligence (the "Proposed Acquisition"). The heads of terms provide the Company with exclusivity in relation to the Proposed Acquisition until 31 October 2018. Accordingly, the Company has agreed not to convert the €200,000 convertible loan note ("CLN") made to SatoshiPay on 1 December 2017 until such a time that the Proposed Acquisition completes or is terminated. The Proposed Acquisition, if completed, would constitute a reverse transaction.

 

Furthermore, the Company announces that, on 25 July 2018, SatoshiPay completed a fundraising of €566,000 at a valuation of €17 million (the "Fundraise"). As a result of the Fundraise, the Company's current shareholding in SatoshiPay now represents 30.1% of SatoshiPay's total issued share capital. The Company's shareholding, based on a valuation of €17.57 million following the Fundraise, would itself be valued at €5.29 million.

 

Temporary suspension

 

The Company has requested that trading in its shares is temporarily suspended pursuant to AIM Rule 14, pending either the publication of an admission document in relation to the enlarged group or until negotiations in respect of the Proposed Acquisition are terminated. The Company's shares will be suspended from trading with effect from 07:30 a.m. today.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 ("MAR"). 

For further information, please contact: 

Blue Star Capital plc                                              +44 (0) 777 178 2434

Tony Fabrizi                                                          

 

Cairn Financial Advisers LLP                                +44 (0) 20 7213 0880

(Nominated Adviser)

Jo Turner/Liam Murray/Richard Nash

 

Smaller Company Capital Limited                     +44 (0) 203 651 2911

(Broker)

Rupert Williams/Jeremy Woodgate

 

 

About SatoshiPay 

SatoshiPay was founded in 2014 and is headquartered in London, with development led through its Berlin office. SatoshiPay offers a frictionless micropayment solution to help digital publishers monetise content globally. The SatoshiPay platform is based on scalable blockchain technology supplied by the Stellar.org network. Find frequently updated information at the company's website www.satoshipay.io, its blog www.medium.com/@SatoshiPay and Twitter @SatoshiPay.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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Suspension and Potential Acquisition - RNS