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Blue Star Capital plc

Blue Star Capital plc to acquire SatoshiPay Ltd

Blue Star Capital plc (LON:BLU), an investing company with a focus on technology, announced today that it has agreed heads of terms to acquire the entire issued share capital of SatoshiPay Ltd, subject to certain conditions and due diligence. The heads of terms provide the Company with exclusivity in relation to the Proposed Acquisition until 31 October 2018. Accordingly, the Company has agreed not to convert the €200,000 convertible loan note made to SatoshiPay on 1 December 2017 until such a time that the Proposed Acquisition completes or is terminated. The Proposed Acquisition, if completed, would constitute a reverse transaction.

Furthermore, the Company announces that, on 25 July 2018, SatoshiPay completed a fundraising of €566,000 at a valuation of €17 million. As a result of the Fundraise, the Company’s current shareholding in SatoshiPay now represents 30.1% of SatoshiPay’s total issued share capital. The Company’s shareholding, based on a valuation of €17.57 million following the Fundraise, would itself be valued at €5.29 million.

Temporary suspension

The Company has requested that trading in its shares is temporarily suspended pursuant to AIM Rule 14, pending either the publication of an admission document in relation to the enlarged group or until negotiations in respect of the Proposed Acquisition are terminated. The Company’s shares will be suspended from trading with effect from 07:30 a.m. today.