NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND MERGERS ("CODE")
TORONTO, Sept. 19, 2012 /CNW/ - Further to the announcement by STE (Clean Recycling and Energy) plc ("STE") on September 5, 2012, Spara Acquisition One Corp. ("SAO") (TSXV: SAO.P) announces that it will not be proceeding with an offer for STE. SAO has determined that applicable closing conditions could not be satisfied and that this could not be resolved through further negotiation among the parties. However, for the purposes of Rule 2.8 of the Code SAO reserves the right to make or participate in an offer for STE (and/or take any other action which would otherwise be restricted under Rule 2.8 of the Code) within the six months following the date of this announcement in accordance with Note 2 on Rule 2.8.
As a result of the termination of the proposed transaction, the proceeds of the subscription receipt offering completed in May by SAO Special Finance Corp., a corporation established for the purpose of facilitating a private placement in connection with the transaction, will be returned to subscribers pursuant to the terms of that offering.
SAO is a Capital Pool Company listed on the TSX Venture Exchange (the "TSXV") with a continuing mandate to identify and evaluate businesses or assets with a view to completing a "Qualifying Transaction" under the Capital Pool Company program of the TSXV as disclosed in SAO's prospectus dated September 28, 2011.
In accordance with Rule 30.4 of the Code, a copy of this announcement will be made available on the following website: www.sterecycle.com (failing which, www.dmhstallard.com), by no later than 12 noon (London, England time) on September 20, 2012.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Spara Acquisition One Corp.
For further information:
Spara Acquisition One Corp.
(613) 599-9600 ex 262