LONDON (ShareCast) - (ShareCast News) - Dorcaster announced on Friday that it has entered into an exclusivity agreement which provides it with the exclusive right to negotiate for the acquisition of the entire issued share capital of Escape Hunt Group, which it described as a leading global provider of live 'escape the room' and 'exit game' experiences.
The company said any acquisition would be subject to satisfactory due diligence, agreement of definitive documentation in connection with the acquisition, funding and requisite shareholder consent.

It said the exclusivity agreement has been entered into by the company and the shareholders of Escape Hunt.

The consideration for the acquisition is expected to be partly in cash and partly in new ordinary shares of 1.25p each, representing $23.5m on a cash, debt and tax free basis.

Dorcaster said it also intends to issue New Shares for working capital to fund future growth of the business should the acquisition complete.

As the Acquisition would constitute a reverse takeover under the AIM Rules and would be conditional on the approval of Dorcaster shareholders at a general meeting, the placing of new shares and subsequent re-admission of the company's enlarged share capital to trading, Dorcaster has requested an immediate suspension of trading in its shares.

The board said the suspension would be in place until such time that: it has published the admission document, negotiations in relation to the proposed Acquisition have been terminated, or the period of exclusivity granted to the company has expired.

"We are delighted to have entered into this exclusivity agreement in relation to the proposed acquisition of Escape Hunt, a leading global provider of escape games," said non-executive chairman Richard Rose.

"The business has a strong management team with extensive skill and knowledge of the sector and we look forward to working with them through the next phase of the acquisition and if successful, to expand the business going forward."

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