REG - Sivota PLC - Entry into non-binding term sheet

SivotaAnnouncement

12/01/2024 07:00

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RNS Number : 4453Z  Sivota PLC  12 January 2024

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 UNION (WITHDRAWAL) ACT 2018, AS AMENDED.
‎ UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA REGULATORY INFORMATION
SERVICE, THIS INSIDE INFORMATION IS ‎NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN.‎

 

12 January 2024

Sivota plc

("Sivota" or the "Company")

Entry into a non-binding term sheet for a controlling interest in online
technology platform

Sivota ( LSE:SIV ), the London listed investment vehicle focused on
later-stage technology companies, is pleased to announce that the Company has
entered into a non-binding term sheet (the "Term Sheet") with a leading online
technology platform operating across the travel sector (the "Target").

The Company initially intends to raise c.£2,500,000 through the issue of new
ordinary shares (the "Placing"), in order to provide the Target with a
convertible loan to fund its working capital commitments for the short term.
As such, the transaction is conditional, inter alia, on a successful Placing.
There can be no certainty that the Placing will be successful. The convertible
loan will, if converted, result in the Company holding c.10.2 per cent. of the
Target's voting rights. The Placing will be undertaken utilising the existing
shareholder authorities granted to the Company at its 2023 General Meeting.

Pursuant to the Term Sheet, Sivota also has the ability to acquire up to c.51
per cent of Target for a consideration of $15,000,000 (the "Transaction"). The
Transaction is subject to the satisfaction of certain conditions precedent,
including concluding all due-diligence, the entry into the definitive
transaction documentation and passing at a General Meeting of the Company of
such resolutions necessary to approve, implement and effect the Transaction.
If the Directors decided to proceed with the Transaction, of which there is no
certainty, it would likely constitute a Reverse Take Over ("RTO") under the
Listing Rules on the basis of the Target's size of operations.

The Directors of Sivota believe the initial investment in the Target
represents a value enhancing transaction for shareholders, which is fully
aligned with the Company's investment strategy. The Directors of Sivota
believe that they can assist Target in accelerating its go to market strategy
and, in doing so, significantly enhancing value for both Sivota and Target
stakeholders in the medium term.

There can be no certainty that the Transaction will proceed, and it remains
subject to, ‎amongst other things, entering into a definitive legal
agreement and obtaining all other necessary approvals (if ‎required).‎

‎A further announcement will be made in due course.‎

 

For further information, please contact:

 

 Sivota PLC                                             via Vigo Consulting

 Tim Weller, Non-Executive Chairman

 Ziv Ben-Barouch, Chief Executive Officer

 www.sivotacapital.com (http://www.sivotacapital.com)
 Canaccord Genuity Limited                              + 44 (0) 20 7523 8000

 Bobbie Hilliam

 Vigo Consulting                                        + 44 (0)20 7390 0230

 Jeremy Garcia

 

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