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PCG Entertainment PLC

VOX Markets declines to align with PCG Entertainment

The heads of terms agreed between the parties were not contractually binding in any respect

PCG Entertainment PLC -

Media company VOX Markets has pulled out of the proposed merger of its business with Align Research and PCG Entertainment PLC (LON:PCGE).

The merger was mooted back in March but Vox has got cold feet, saying it has proved difficult to raise significant funding for any business in which Align Research is involved.

Align Research is a research house that is typically engaged by companies that receive little or no research from stockbrokers.

VOX claims that “many key brokers” have turned down the opportunity to back a deal that involves Align and it is worried that involvement with Align will have an impact on VOX’s ability to raise funding for any future deals and acquisitions.

“VOX is also worried that this might have a wash over effect on VOX's main business as these brokers and funds are all invested in their client companies,” the statement from PCG reported.

PCG said discussions continue with various parties and it would inform shareholders as soon as these discussions produce anything worth reporting.

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