Response to Eight Peaks Group

Crowd for Angels (UK) Limited (CFA or the Company) notes the statement from Eight Peaks Group on 30th April 2019 and the Circular to shareholders regarding the proposed cancellation of admission to trading on AIM. CFA currently holds 546,840 shares in Eight Peaks Group, giving the Company a stake of just over 3%.

Having taken into account the contents of the Circular, Crowd for Angels confirms that it will be voting AGAINST all resolutions proposed at the General Meeting to be held on 16th May 2019.

In particular, the Company has great concerns over Resolution 1 (the Cancellation Resolution) that, in Eight Peaks own words, if passed, will result in there being no formal market mechanism enabling Shareholders to trade Eight Peaks Ordinary Shares. Given the limited and vague information provided in the Circular, the Company has no confidence that the Directors of Eight Peaks have any desire to put in place an alternative trading facility if the cancellation resolution is passed.

The Company recognises that AIM has its liquidity drawbacks. Regardless, it believes that the cancellation of the listing will result in either no trading facility being available to Shareholders or a highly illiquid “matched bargain” facility being offered, which will significantly reduce or even eliminate the liquidity currently offered on AIM. With only modest cost savings expected from the proposed cancellation the Company believes that the Cancellation Resolution is not in the best interests of Eight Peaks shareholders.

Crowd for Angels therefore encourages fellow shareholders to vote against the proposed resolutions. Private shareholders with shares held in nominee accounts are encouraged to contact their stockbroker to instruct them to vote against the resolutions. For further information or to contact us email [email protected]

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Risk Warning

Investing in small public listed or private companies involves risks, including illiquidity, lack of dividends, loss of investment and dilution, and it should be done only as part of a diversified portfolio. Investing in debt pitches through Crowd for Angels (UK) Limited involves lending to companies and therefore your capital is at risk and interest payments are not guaranteed if the borrower defaults. Crowd for Angels is targeted exclusively at investors who are sufficiently sophisticated to understand these risks and make their own Investment Decisions. You will only be able to invest via Crowd for Angels once you are authorised. Please click here to read the full Risk Warning.

This page has been approved as a Financial Promotion by Crowd for Angels (UK) Limited (Company number: 03064807) , which is authorised and regulated by the Financial Conduct Authority (Reference number: 176508). Investments can only be made on the basis of information provided in the Pitches by the Investee Companies concerned. Crowd for Angels takes no responsibility for this Information or for any recommendations or opinions made by the Investee Companies.

Pitches may contain forward looking statements and financial forecasts or projections. Forecasts are not a reliable indicator of future performance. Crowd For Angels makes no judgement or opinion of the likelihood of targets being achieved. Investments made in companies listed on the Crowd For Angels platform are not covered by the Financial Services Compensation Scheme (FSCS).

The availability of any tax relief, including EIS and SEIS, depends on the individual circumstances of each investor and of the company concerned, and may be subject to change in the future. If you are in any doubt about the availability of any tax reliefs, or the tax treatment of your investment, you should obtain independent tax advice before proceeding with your investment.