Photonstar LED Group PLC (LON:PSL), which is seeking shareholder approval to become a cash shell, said it has already met with a number of promising potential acquisitions and has raised cash through a placing and a director’s subscription to enable due diligence on its targets.
The AIM-listed group added that whilst no guarantees can ever be made to the execution of a successful reverse takeover, it is the board's intent to identify and execute a deal “in all prudent haste”.
The company said it has raised gross proceeds of £170,000 through the placing of 1,700,000,000 new ordinary shares of at a price of 0.01p each. In addition, two of its non-executive directors, John Treacy and Jonathan Freeman have conditionally subscribed for a further 240,000,000 new ordinary shares at the same price.
The group said that, in keeping with its new strategy, it is proposed that the company's name is changed to Bould Opportunities PLC.
Photonstar LED confirmed that it will shortly be convening a general meeting to seek shareholder approval for the changes.
At the end of January, the former LED lighting fixtures firm announced plans to wind down its internet of things subsidiary as it made a £175,000 equity raise and announced the resignation of its chief executive James McKenzie.
The group said it had reviewed the current trading of its PhotonStar Technology subsidiary and believes it is “appropriate” for the business to cease trading and be wound down.