Premier Veterinary Group Limited signed heads of terms to acquire Ark Therapeutics Group plc in a reverse merger transaction.
Upon admission, Iain Ross will remain as Chairman of the enlarged group, Dominic Tonner will become appointed as Chief Executive Officer, Dan Smith will become appointed as Chief Financial Officer and Rajan Uppal will become appointed as Corporate Development Officer. The Board of Ark Therapeutics has unanimously recommends that the independent shareholders vote in favour of resolution. The transfer requires Ark Therapeutics Group to obtain the prior approval of not less than 75% of the votes of shareholders. The acquisition would be conditional on, amongst other matters, the transfer resolution being passed and would only complete following the cancellation of the Ark Therapeutics Group's admission to the premium segmentThe transaction is expected to complete by January 20, 2015.
Premier Veterinary Group Limited entered into a share sale and purchase agreement to acquire Ark Therapeutics Group plc in a reverse merger transaction on January 28, 2015. Completion of the acquisition is scheduled to occur on February 5, 2015. Grant Thornton UK LLP acted as accountant, Charles Stanley & Co. Limited acted as financial advisor and Marriott Harrison LLP acted as legal advisor for Ark.