Anemoi International Ltd (LSE:AMOI) shares moved up, rising 29% to 2p, after announcing updated terms for its proposed reverse takeover of Trasna, setting out a deal that would value the business at an enterprise value of US$150 million.
The revised share purchase agreement would see Anemoi acquire 100% of Trasna through the issue of new shares priced at up to 2p each.
The final equity consideration will be reduced by debt at Trasna’s Irish parent of US$40 million plus accrued interest estimated at roughly US$8.5 million to US$10 million by closing. On the company’s own formula, that implies about US$100 million of equity value, or roughly 3.8 billion shares.
To prepare for the enlarged capital structure, Anemoi is considering a 1-for-100 share consolidation, which would cut the number of shares in issue by a factor of 100.
The board said the move is intended to leave the combined group with a share price it sees as more appropriate and potentially more marketable to a broader investor base.