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FireAngel Safety Technology Group PLC - Coventry, England-based developer and supplier of home safety products - Draws down £1.0 million from loan facility with Siterwell Electronics Co Ltd. In October, FireAngel backed a takeover from fire safety product maker Siterwell. Per the agreement, Siterwell subsidiary Intelligent Safety Electronics would pay 7.40 pence per FireAngel share, valuing the company at £27.7 million. Were the acquisition not completed by December 31, Intelligent Safety Electronics agreed to make available a loan facility to FireAngel for up to £1.0 million to be utilised from 1 January 2024 until 30 June 2024. As the takeover has yet to be completed, FireAngel has received the entirety of the loan, which it intends to use for ‘general working capital purposes’.
In December, FireAngel and Intelligent Safety requested a suspension of the offer timetable, as the pair awaited regulatory clearance relating to the National Security and Investment Act 2021. The offer timetable will resume once official authorisation or regulatory clearance conditions are satisfied or waived.
Current stock price: untraded on Friday, last closed at 5.50 pence each in London on Wednesday.
12-month change: down 40%
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