Armour shareholders have approved the acquisition of OneView Commerce Inc at a general meeting earlier today for an aggregate consideration of £15.26m.
Admission of the enlarged group's shares is expected occur at 8.00 a.m. on 21 March when the company's name will change to OneView Group plc and the Company's TIDM will be 'ONEV'.
In addition, following shareholder approval, the company will immediately prior to admission complete the disposal of its equity interest in Q Acoustics and the loan, both of which were sold to Hawk Investments.
Armour Group has announced changes in repayment terms on the GBP0.3m loan to Armour Home Electronics.
Repayments are now GBP100,000 tomorrow (15 January) followed by repayments of GBP50,000 on the 15th of February, March, April and May. All other conditions of the loan remain the same. The initial GBP1.0m loan remains in place which is due for repayment in July 2019.
Armour Group has reported its results for the year ended 31 August 2015.
It remains an investing company and continues to look at a number of opportunities. The company did not trade in the year.
It says it is currently in discussions with a retail focused software business and has begun due diligence.
Should the proposed transaction proceed it would constitute a reverse takeover. There can be no guarantee that the current proposal will reach a successful conclusion and shareholders will be informed should the transaction progress.
Trading in Armour Group's shares will be suspended from tomorrow because it has been unable to complete an acquisition which constitutes a reverse takeover under the AIM Rules, or otherwise implement its investing policy within 12 months.
Armour says it has been pursuing opportunities for the implementation of the company's investing strategy and several have progressed to detailed diligence.
The xompany became an investing company following the disposal of Armour Home and Armour Hong Kong on 18 July 2014.
At 9:02am: (LON:AMR) Armour Group PLC share price was -1.5p at 3.25p
Armour Group remains an investing company and continues to look at a number of opportunities, an interim management statement for the six months to the end of February says. The company did not trade in the six month period.
At 8:10am: (LON:AMR) Armour Group PLC share price was +0.01p at 5.88p