Polemos agrees to terms on Digitalbox acquisition

10th Sep 2018 09:41

(Sharecast News) - Polemos has agreed to acquire Digitalbox Publishing as part of a reverse takeover following its classification as a cash shell back in March.The AIM-listed firm said it had considered a number of potential acquisition targets over the last six months, but after six months of work, settled on Digitalbox as the target of its reverse takeover.Polemos will acquire Digitalbox in exchange for new ordinary shares of 1.1p in the company, subject to a cap of £1.1m.Both firms also plan to arrange a placing of new ordinary shares in Polemos, conditional on admission, in order to raise approximately £3m.Polemos shares were suspended from trading on Monday morning and will remain suspended pending publication of the required AIM Admission Document and shareholder approval of the acquisition.As of 0940 BST, Polemos shares had jumped 2.10% to 0.71p.