Ashley House gets approval for CVA and reverse takeover with Piper Homes

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Ashley House PLC (LON:ASH) said it will proceed with a proposed merger with Midlands housebuilder Piper Homes after creditors and shareholders approved a company voluntary arrangement (CVA) over its assets. 

The health and affordable housing property property developer said the combination with Piper would be via a reverse takeover or a similar deal.

Piper paid £50,000 to Ashley House to fund the initial costs of pursuing a takeover proposal and promised a further £50,000 once the CVA is approved and the 28-day challenge period has passed.

While this deal is worked on, the AIM-listed company said it will work with Piper to “continue to explore a number of property development projects”.

Trading in the shares, which were suspended in March, will remain suspended pending the reverse takeover, it added.

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