Rockpool Acquisitions Reveals Interim Financial Results
Rockpool Acquisitions Plc (LSE:ROC), a noted Special Purpose Acquisition Company (SPAC), has shared its latest interim financial results for the six-month period concluding September 30. The report indicates a loss of £113,356, which shows a commendable reduction from the prior year's loss of £347,999 for the same duration. This improvement is primarily attributed to reduced activities and lower professional expenses related to the previous, now-aborted acquisition of Amcomri Group Limited.
Plans for Acquisition of European Lingerie Group
In an exciting development, Rockpool recently disclosed that it has entered into heads of terms for a reverse takeover of the European Lingerie Group AB (ELG AB). This strategic move includes plans to re-list its shares in the Equity Shares (Commercial Companies) category within the Official List and the Main Market of the London Stock Exchange (LON:LSEG). Currently, trading for Rockpool's shares is on hold as they await the outcome of this planned transaction.
Financial Recovery and Cash Position
The interim results report also reveals a recovery of £452,500 in costs owed by Amcomri after they terminated their acquisition agreement earlier this year. As of the end of the reporting period, Rockpool's cash and cash equivalents were noted to be £94,895, prior to receiving this amount post-period.
Insight into European Lingerie Group AB
ELG AB is a notable player within the intimate apparel industry, possessing a 70% ownership in SIA European Lingerie Group, which oversees the production and wholesale of lingerie and related fabrics. Presently, ELG AB is pursuing the acquisition of the remaining 30% of ELG SIA. Moreover, the company is engaged in a systematic asset disposal and debt reduction initiative aimed at enhancing its EBITDA figures for the year 2025.
Future Directions and Goals
Looking ahead, Rockpool is optimistic about finalizing the acquisition of ELG AB and aims for re-admission to the stock market within the first half of 2025, potentially ahead of July 29, 2025. Achieving this timeline could notably reduce costs as it would eliminate the necessity for a sponsor in the re-admission process.
Commitment to Stakeholders
Rockpool’s leadership extends their sincere appreciation to both shareholders and advisers for their unwavering support during this pivotal phase. They are focused on ensuring thorough due diligence, securing the necessary funds, and completing the acquisition documentation regarding ELG AB.
Frequently Asked Questions
What financial results did Rockpool report?
Rockpool reported a loss of £113,356, significantly better than last year’s loss of £347,999.
What acquisition is Rockpool planning?
Rockpool is planning to acquire European Lingerie Group AB through a reverse takeover.
What is the cash position of Rockpool?
Rockpool reported cash and cash equivalents of £94,895 before recovering £452,500 from Amcomri.
When does Rockpool aim to re-admit its shares?
Rockpool aims for re-admission to the stock market by the first half of 2025.
What are the ongoing initiatives by ELG AB?
ELG AB is conducting an acquisition of the remaining stake in ELG SIA along with debt reduction and asset disposal strategies.
