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Sivota PLC - investor in later-stage Israeli technology firms - Enters into non-binding term sheet to acquire a controlling interest in ‘a leading online technology platform operating across the travel sector’. Intends to raise approximately £250,000 through share placing, to provide investee with a convertible loan to fund its short-term working capital requirements. Loan if converted will result in Sivota holding around 10.2% of the company’s voting rights. Sivota also has ability to acquire up to around 51% of the target for $15.0 million. If Sivota proceeds, this ‘would likely constitute’ a reverse takeover based on the investee’s size of operations. Sivota says the initial investment will be value-enhancing for shareholders. It aims to assist the target in accelerating its go-to-market strategy, thereby ‘significantly enhancing value’ for both companies’ stakeholders in the medium term.
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