Global Brands is not going to cancel its Aim quotation and instead it will become a shell.
This helped to perk up the share price by 0.38p to 0.6p a share, although it remains well down on the level before the cancellation was suggested. Global is valued at £1.23m.
The holder of the Domino’s Pizza franchise for Switzerland will demerge its pizza interests into an unquoted Swiss company and shareholders will own shares in each of the two companies – one Domino’s Pizza Switzerland AG share and one Global Brands share. Creditors have to agree to the transaction.
Global was approached by several parties interested in using the company as a shell for a takeover.
The original general meeting has been postponed from 27 December to 2 January.
NobleRock will provide £200,000 and chief executive Bruce Vandenberg will provide £100,000 by subscribing for shares. Global will use this for working capital. This is needed to maintain the Domino’s Pizza franchise.
A matched bargains facility will be set up for Domino’s Pizza Switzerland.
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