GVC Holdings Limited signed a letter of intent to acquire Simian Global Plc (LSE:SMG) in a reverse merger transaction on February 17, 2017. GVC Holdings Limited entered into a share purchase agreement to acquire Simian Global Plc in a reverse merger transaction on June 1, 2018. The consideration for the acquisition would be the Pound Sterling equivalent of $16 million (£12.9 million), to be satisfied by the issuance of approximately 76.5 million shares. At completion Simian shareholders will have a minority interest in GVC Holdings Limited. Following the completion, Simian Global intends to change its name to Grand Vison Media Holdings Plc, subject to the approval from the shareholders of Simian Global. Upon completion of the Acquisition, Jonathan Yat Pang Lo will be appointed to the Board as Chief Executive Officer. Edward Kwan-Mang Ng would be the Executive Director and Ajay Kumar Rajpal would be the Non-Executive Director. The transaction is subject to inter alia, to the completion of due diligence, documentation and compliance with all regulatory requirements, including the Listing and Prospectus Rules as well as approval from the board and shareholders of Simian Global Plc in the general meeting to be held on June 18, 2018. The Independent Directors of Simian Global Plc, recommend the shareholders to vote in favor of the transaction. The acquisition, if it proceeds, will constitute a Reverse Takeover under the Listing Rules since, inter alia, in substance it will result in a fundamental change in the business of the issuer. As per the terms of the transaction, the existing ordinary shares of Simian Global would be cancelled and application would be made to admit the enlarged capital of the company to the London Stock Exchange. As on November 15, 2017, due diligence, documentation and compliance with all regulatory requirements, including the Listing and Prospectus Rules and, as required, the Takeover Code, are progressing well and the Directors remain positive about the transaction. As a result the exclusivity period has been extended to March 31, 2018. As of June 7, 2018, the Financial Conduct Authority has approved the prospectus which includes further details on the acquisition, resolutions for issuance of new shares and the proposal for the change of name. As of June 18, 2018, the shareholders of Simian Global Plc approved the transaction and authorised the issuance of equity securities of £10.2 million in connection to the acquisition. The transaction is expected to be completed on June 18, 2018. The cancellation of trading of existing shares and admission of the fully enlarged capital is expected by June 19, 2018. The net proceeds of the transaction would be used to purchase additional 3D panels and fund GVC Holding’s expanded operations and working capital requirements. Jon Isaacs and Nick Michaels of Alfred Henry Corporate Finance Limited acted as the financial advisor, Jeffreys Henry Llp acted as the accountant and Bracher Rawlins acted as the legal advisor for Simian Global Plc.