Pineapple Power proposes reverse takeover of BVP
LONDON, UK: Pineapple Power Corporation has entered into a non-binding heads of terms to acquire 100% of the outstanding shares in BVP Investments Limited, a news release said.
BVP Investments was founded in 2004 by Managing Director, Elliott Griffin. It is a fund manager regulated by the Central Bank of Ireland.
BVP focusses on companies in the green sector that have developed technologies and services addressing the issues of sustainability, resource efficiency and the wider environment.
Since 2007, BVP has successfully raised and managed 14 Green BES and EII Funds, which have invested in some of Ireland’s most innovative companies such as HealthBeacon, Crowley Carbon, UFO Drive and UrbanVolt.
BVP’s philosophy is that the future of industry is dependent upon cutting edge technology that drives efficiency and sustainability. BVP’s approach is to partner with companies that have global ambition and the vision to make a positive impact on the world.
These portfolio companies are challenging the status quo with their pioneering solutions across industry verticals including Energy, Climate Action and Sustainability, Health and Wellbeing, Information and Communication Technologies (ICT), Services and Business Processes and Mobility.
Pineapple Power was formed as a “cash shell” with a specific focus on acquisitions in the clean and renewable energy sectors.
The purchase price for the proposed acquisition will be satisfied by the allotment and issue to the sellers of BVP of new ordinary shares in Pineapple Power.
It is envisaged that, in conjunction with the proposed acquisition, there will be an equity financing to fund future investment and working capital requirements of BVP.
Pineapple Power may issue and allot further Ordinary Shares in consideration of certain conversion options held by lenders to BVP’s subsidiary investment portfolio. The Company proposes to change its name to Cool Capital PLC on completion of the proposed acquisition.
On completion of the Proposed Acquisition, it is the Company’s intention is to seek admission to trading on the AIM market of the London Stock Exchange.
Claudio Morandi, Chairman of Pineapple Power, commented: “We are delighted to have agreed a heads of terms on our first potential acquisition. During the past few months, we have reviewed numerous projects and believe the Proposed Acquisition meets our stated objective of identifying a potentially extremely valuable entity combined with a portfolio of companies involved in renewable energy, the circular economy and clean and green technologies.
“Ireland is home to some of the most innovative and exciting companies involved in these exciting sectors and the vision shared between ourselves and BVP is the expansion of their very successful investment strategies internationally utilising Pineapple’s extensive financial contact network.
We believe the successful completion of this merger will position the enlarged company – Cool Capital PLC – for rapid expansion and value accretion. The combination of astute financial management and access to the international capital markets is a compelling combination.”
“We will update shareholders as soon as possible with developments of the Proposed Acquisition and admission to AIM, which we aim to complete in Q4 2021.”
Elliott Griffin, the founder and Managing Director of BVP Investments, commented: “BVP ‘s goal is to offer our core competencies in venture investing and corporate finance, by providing flexible financing options for business owners from seed equity to project financing.
We take an active role in supporting our companies throughout their growth journey from early stage to exit. We are excited by the opportunity to align our business with the listed platform that is Pineapple Power to significantly expand our offering.”
Pineapple Power Corporation PLC share price
8.60 GBX
16 Aug, 4:45 pm GMT+1 ·Disclaimer
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