Remote Monitored Systems plc (AIM:RMS) agree to acquire a 51.72% stake in Pharm 2 Farm Limited from Braveheart Investment Group plc (AIM:BRH) for £1.2 million on August 21, 2020. Under the terms of transaction, Remote Monitored Systems plc will issue 310.354815 million new Ordinary Shares. Post completion, Braveheart Investment Group plc will hold 37.12% stake and Gareth Cave will own 21.08% stake in Remote Monitored Systems. In a related transaction, Remote Monitored Systems plc signed a binding Share Purchase Agreement to acquire 48.28% stake in Pharm 2 Farm Limited from Gareth Cave for £1.1 million on August 21, 2020.

The directors of Braveheart intend to retain the RMS Consideration Shares for the foreseeable future. Transaction is subject to regulatory and RMS shareholder approval. The Pharm 2 Farm Sale is also conditional on the completion of the simultaneous sale of the 48.38% holding held by Gareth Cave.

As on November 4, 2020, transaction has been approved by the shareholder of Remote Monitored Systems plc. Transaction is expected to complete on November 5, 2020. David Worlidge and James Hornigold of Allenby Capital Limited acted as financial advisors to Braveheart Investment Group plc.

Stuart Gledhill and Caroline Rowe of SP Angel Corporate Finance LLP acted as financial advisors to Remote Monitored Systems plc.