Pineapple Power to reverse into Irish fund management firm

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Pineapple Power Corporation PLC (LSE:PNPL, FRA:8JZ) (LSE:PNPL), the cash shell, is planning to merge with BVP Investments, an Irish fund management firm, and change its name to Cool Capital.


BVP focuses on companies in the green sector that have developed technologies and services addressing the issues of sustainability, resource efficiency and the wider environment.


Pineapple Power has entered into non-binding heads of terms with BVP and the principal shareholders of BVP for the acquisition of BVP Investments in an all-share deal.


Following the completion of the proposed acquisition, the current directors of BVP will form a majority of the board of the company and the sellers of BVP will become majority shareholders of the enlarged company, making this a reverse takeover.


Trading in the shares of Pineapple has been suspended pending completion of the acquisition. Should the reverse takeover happen, Pineapple will move from the main market to AIM, probably in the final quarter of this year.


The company also expects it will need to raise fresh capital.


“During the past few months, we have reviewed numerous projects and believe the proposed acquisition meets our stated objective of identifying a potentially extremely valuable entity combined with a portfolio of companies involved in renewable energy, the circular economy and clean and green technologies,” said Claudio Morandi, the chairman of Pineapple Power.


“Ireland is home to some of the most innovative and exciting companies involved in these exciting sectors and the vision shared between ourselves and BVP is the expansion of their very successful investment strategies internationally utilising Pineapple’s extensive financial contact network. We believe the successful completion of this merger will position the enlarged company – Cool Capital PLC – for rapid expansion and value accretion. The combination of astute financial management and access to the international capital markets is a compelling combination,” he added.

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