logo-loader
viewBould Opportunities

Photonstar LED raises cash, says already met with a number of promising potential reverse takeover acquisitions

The group said, 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”

Cash
In keeping with its new strategy, it is proposed that the company's name be changed to Bould Opportunities PLC

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”.  

READ: PhotonStar LED Group to wind down internet of things business as CEO resigns

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.

Quick facts: Bould Opportunities

Price: 0.023 GBX

LSE:BOU
Market: LSE
Market Cap: £2.85 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Bould Opportunities named herein, including the promotion by the Company of Bould Opportunities in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

PhotonStar developing an advanced IoT platform, says chief

LED light designer and manufacturer PhotonStar LED Group PLC (LON:PSL) is moving into the Internet of Things (IoT) space as well as continuing with its next generation lighting. James McKenzie, chief executive, tells Proactive Investors the company has developed “a really advanced next...

on 27/5/16

2 min read