LONDON - Fandango Holdings PLC, an investment company focused on acquisitions in the industrial or service sector, has reported progress on its planned acquisition of European Battery Metals Pty Ltd (EBM), which is expected to result in a Reverse Takeover (RTO) under the Listing Rules. This major corporate development follows the company's announcement on June 22, 2023, regarding the non-binding Heads of Terms to acquire EBM.
The company's interim management report for the six months ending August 31, 2024, reveals ongoing preparations for the acquisition, including the creation of a prospectus currently under review by the United Kingdom (TADAWUL:4280) Listing Authority. The process has encountered slight delays due to differing fiscal year-ends between Fandango Holdings and EBM, necessitating additional account preparation for EBM. These accounts will undergo review by reporting accountants Haysmacintyre.
Upon approval from the UK Listing Authority, Fandango Holdings intends to apply for the enlarged company's Ordinary Shares to be listed on the Official List and traded on the London Stock Exchange (LON:LSEG)'s main market. The acquisition's completion is contingent on due diligence, regulatory compliance, and the fulfillment of Listing and Prospectus Rules.
During the reporting period from March 1 to August 31, 2024, Fandango Holdings incurred increased costs related to audit, advisory, legal, and accounting services as it nears the finalization of the RTO prospectus. The directors have not drawn fees in this period.
Despite only a brief operating history, the directors have affirmed their commitment to the RTO of EBM and expressed gratitude to EBM's directors and incoming investors for their patience. The company aims to complete the RTO as swiftly as possible.
Financially, Fandango Holdings reported a loss before tax of £178,000 for the six-month period, compared to a loss of £110,000 in the same period of the previous year. Administrative and listing costs contributed to this loss, with no tax charges incurred.
The directors believe the company has adequate resources to continue operations for at least 12 months from the date of the report, supporting the going concern basis used in preparing the financial statements.
This information is based on a press release statement, and it is essential for shareholders and potential investors to consider the company's strategies and their potential for success without relying solely on this interim management report for any other purpose.
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