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Silver Falcon Agrees Broad Terms for Lime Insurance Tech Acquisition

LONDON (ShareCast) - (ShareCast News) - Fully listed cash shell Silver Falcon (LSE: SILF.L - news) has agreed to make an initial acquisition, with a reverse takeover planned of unlisted insurance industry technology firm Lime Holdings.

Silver Falcon, which listed in November with a buy-and-build strategy focused on the 'fintech' industry, was forced to suspend its shares last week after major anticipatory spikes in its share price amid a swirl of rumours .

While the company has reached an agreement with Lime's management, the terms are subject to due diligence, a fundraising, and re-listing of the enlarged group.

Lime, which was founded in Australia but recently moved its headquarters to these shores, has developed technology for the insurance industry that enables the automated delivery of insurance to end users.

Shares (Berlin: DI6.BE - news) in the company will remain suspended until the company is able to provide full disclosure on the deal, or when the reverse takeover takes place.