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BRIEF-Mission Newenergy To Acquire Playup Ltd And Seek ASX And Nasdaq Listing-SEC Filing

Published 09/04/2018, 09:07 pm
Updated 09/04/2018, 09:10 pm
© Reuters.  BRIEF-Mission Newenergy To Acquire Playup Ltd And Seek ASX And Nasdaq Listing-SEC Filing
MBT
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April 9 (Reuters) - Mission Newenergy Ltd MBT.AX :

* TO ACQUIRE PLAYUP LIMITED AND SEEK ASX AND NASDAQ EXCHANGES LISTING - SEC FILING

* AT PRESENT, ASX EXPRESSED CONCERN REGARDING PROPOSED PLAYUP LIMITED TRANSACTION, SUITABILITY OF THE COMPANY FOR LISTING ON THE ASX

* DEAL TO INVOLVE CO WHOLLY ACQUIRING PLAYUP WITH CONSIDERATION COMPRISING ISSUE OF SHARES IN CO; A REVERSE MERGER

* PLAYUP RTO TO BE EFFECTED BY COMPLETION OF FUNDING ROUND ANTICIPATED TO BE US$40 MILLION, COMPLIANCE WITH ASX, NASDAQ LISTING RULES

* BASED ON CAPITAL RAISING, POSSIBLE EITHER/BOTH DANIEL SIMIC, RICHARD SAPSFORD TO HOLD OVER 20% EQUITY INTEREST IN CONSOL ENTITY

* EXISTING SHAREHOLDERS OF CO SHALL RETAIN 5% OF MERGED COMPANY ON A FULLY DILUTED BASIS

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