East Assets plc.
East Assets plc.: Announcement Change of Strategy / Corporate Action / New majority Shareholder
East Assets plc. / Key word(s): Miscellaneous/Corporate Action East Assets plc 5th Floor St George’s House, 15 Hanover Square, London GXG Stock Exchange Announcement 25th April 2014 In accordance with GXG First Quote Market Rules,the Company announces the following: Change of Strategy East Assets Plc was formed in 2012 as a company focusing on identifying acquisition and development opportunities in the consumer loans markets in Eastern and Central Europe. The Company acquired a chain of pawn shops in South Eastern Ukraine in early 2013. However, due to difficulties in raising enough working capital for the subsidiary and in light of recent and ongoing developments in Ukraine, the Company have decided to wind operations down in the country for the foreseeable future. However, the Company is taking steps to secure the swift reorganisation and continued operations of its Ukrainian business once the situation in the area has stabilised. Meanwhile, the Company has amended its investment strategy and can report on the following: Share Consolidation and new majority shareholder On April 22, 2014 the Company consolidated its outstanding number of Ordinary Shares from 106,850,000 down to 1,068,500 Ordinary Shares. On April 22, 2014 the Company acquired all outstanding shares in the US registered company Travec Automotive Inc. from United Equity Services Assets Inc, (UES) for a transaction value of EUR1,8 million, paid in full by the Company by the issuance of 6,055,000 new ordinary shares to UES. UES thereby becoming the new majority shareholder of East Assets Plc. Focus on energy technology Today, the convergence of a wide number of political, economic, environmental and other forces are driving investment in new technologies to serve the trillion-dollar global energy markets. As a result, small, innovative companies – either on their own or through partnerships with large, established energy corporations – are generating competitive solutions to address the most pressing issues the industry is facing. We seek to take advantage of this large market opportunity by identifying, investing in and partnering with the best of the new breed of energy and energy-related communications companies. New management The Company has strengthen its management team with a group of skilled energy-industry veterans who have been successfully investing in the energy technology arena since the mid-1980s. A number of the firm’s principals had worked together previously and saw the opportunity to bring together their diverse experiences to form one of the first firms dedicated solely to making technology investments in alternative as well as traditional forms of energy. Focused on opportunities in the energy sector, the Company has the industry background and the technical and operating experience to select promising young companies, bring them into the larger energy world, and guide them to reach their full potential. Our principals have a long history of successful investments, as well as experience financing and operating companies in the energy and other sectors sector. We work with management teams that are skilled in their sectors but can also benefit from our assistance with strategic direction and financing issues. Having worked with many early-stage companies, we understand the challenges that young companies face and provide invaluable counsel on longer-term issues, allowing management to focus on daily operations. Our investment criteria We invest primarily in venture- and expansion-stage companies with superior technologies and business processes, experienced management and the potential for substantial capital appreciation. To ensure they meet our criteria, these companies are closely evaluated through the firm’s thorough due diligence process. Based on our new managements technical expertise and experience, we invest in both early- and later-stage opportunities that present a strategic fit with the Company’s investment focus and the objectives of the Company’s principals and investors. A typical investment in a particular company ranges from EUR2 million to EUR25 million, with a standard investment between EUR1 million and EUR10 million in a single round of financing. We will also partner with other businesses and strategic investors to provide additional funding. First acquisition On April 22 2014 East Assets Plc acquired all outstanding shares in the US registered company Travec Automotive Inc. and it’s operating subsidiary Travec Fahrzeuge GmbH & Co. KG, based in Frankfurt, Germany (“Travec”). TRAVEC is a new European manufacturer producing individual, creative TECDRAH vehicles. Travec is closing the gap between SUV (Sports Utility Vehicle), recreational and off-road vehicles. TECDRAH has the aura of timeless and use-oriented design. The outer shape gives every TECDRAH a distinctive style. TRAVEC can be configured for different niches such as: rental vehicle, recreational or commercial vehicle with high ground clearance and the highest usability. The entire body of TECDRAH vehicles is made out of ABS plastics, which are made out of up to 70% plastic waste. The recycled pellets are used making the body of the TECDRAH durable and tough. The stated transactions in the announcement are classified as a Reverse Takeover under the GXG First Quote Market Rules for Issuing Companies and, accordingly, trading in the Company’s shares will be suspended with immediate effect pending the provision of information to GXG Markets in accordance with these Rules. Mr. Bernhard Michael Sumner End of Corporate News 25.04.2014 Dissemination of a Corporate News, transmitted by DGAP – a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
Language: | English | |
Company: | East Assets plc. | |
42 Welbeck Street | ||
W1G 8DU London | ||
United Kingdom | ||
Phone: | +44 (0)207 607 2060 | |
E-mail: | info@eastassetsplc.com | |
Internet: | www.eastassetsplc.com | |
ISIN: | GB00B8QYPJ51 | |
Listed: | Foreign Exchange(s) GXG | |
End of News | DGAP News-Service |
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