Sativa Group Plc (AQSE:SATI), the UK’s leading quoted CBD wellness and medicinal cannabis Group, announced on 22 April 2020 that it had entered into a letter of intent with StillCanna, Inc., regarding a possible offer for the Company.
In accordance with Rule 2.4(c) of the City Code on Takeovers and Mergers, the Offeror was required, pursuant to Rule 2.6(a) of the Code, by 5:00 p.m. on 20 May 2020 (the “relevant deadline”), to either (i) announce a firm intention to make an offer for Sativa in accordance with Rule 2.7 of the Code or (ii) announce that it does not intend to make an offer for Sativa.
In accordance with Rule 2.6(c) of the Code, at the request of the Directors of Sativa, the Panel on Takeovers & Mergers has consented to an extension of the relevant deadline, until 5:00 p.m. on 3 June 2020 to enable the parties to complete the compilation of the necessary information and due diligence required to produce the Scheme Document and the associated Rule 2.7 announcement of a firm intention to make an offer from the Offeror. By this time the Offeror must either announce a firm intention to make an offer for Sativa or announce that it does not intend to make an offer for Sativa, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This new deadline can be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.
“Our due diligence in respect of StillCanna is progressing well and our expectation is to complete this process in the coming days” states Henry Lees-Buckley CEO of Sativa Group Plc.
In accordance with Rule 26.1 of the Code, a copy of this announcement will be available on Sativa’s website (https://sativagroup.co.uk/).
Further announcements will be made as and when appropriate.