Honeycomb Holdings Limited entered into an agreement to acquire Urban Exposure Lendco Limited from Urban Exposure Plc (AIM:UEX) for approximately £110 million on March 10, 2020. Under the terms of consideration, total consideration is equal to the par value of Lendco's loan portfolio discounted by £2.7 million, plus Lendco's net cash at that date assuming repayment of outstanding intercompany indebtedness. In related transaction, Honeycomb Holdings Limited entered into an agreement to acquire Amco from Urban Exposure Plc (AIM:UEX) for £1.6 million on March 10, 2020. Transaction is subject to Due diligence, Consummation of Amco agreement and shareholder approval of Urban Exposure Plc. Transaction is expected to close on April 1, 2020. As of March 26, 2020, Honeycomb Holdings Limited does not wish to proceed with the purchase of the issued share capital of Urban Exposure Lendco Limited, but Urban Exposure Plc intends to continue to take all steps to complete the sale and purchase of UE Lendco on the terms of the SPA and reserves its position to take all measures, including, without limitation, seeking specific performance of HHL's obligations under the SPA. The transaction was approved by the shareholders of Urban Exposure Plc on March 30, 2020. The total proceeds received by the Company will be used to cover the costs of the transactions and other liabilities of the Company, which are expected to total £7.4 million. Rishi Bhuchar, Ed Matthews, James Thomlinson of Jefferies International Limited and Neil Patel, Gillian Martin and Louis Davies of Liberum Capital Limited acted as financial advisor to Urban Exposure Plc in transaction. Honeycomb Holdings Limited cancelled the acquisition of Urban Exposure Lendco Limited from Urban Exposure Plc (AIM:UEX) on April 1, 2020. Honeycomb Holdings Limited has terminated the share purchase agreement. Urban Exposure plc considers that the termination by Honeycomb Holdings Limited is without merit and reserves its position to take all measures to enforce its rights under the agreement, including, without limitation, seeking specific performance of Honeycomb Holdings Limited's obligation to acquire UE Lendco. The completion of the transaction was scheduled for April 1, 2020.