Sanderson Solutions Group plc and Sanderson Solutions International Limited entered into a share purchase agreement to acquire Nakama Singapore Pte. Ltd., Nakama Hong Kong Limited and Highams Recruitment Limited from Nakama Group plc (AIM:NAK) and Nakama Limited for approximately £0.4 million on December 09, 2020. The cash consideration of £0.44 million of which £0.39 million will be payable on completion and the remaining £0.05 million will be paid following the preparation (on or before the date falling 25 business days after completion) and subsequent agreement or determination of completion accounts in respect of the subsidiaries. The consideration payable may be increased or decreased to the extent that, and by the amount (if any) by which, the net assets or liabilities of the subsidiaries as at completion (after the write-down to zero of all intercompany balances with Nakama Group and Nakama UK) are less or greater than their net liabilities as at 31 July 2020. In a related transaction, on completion Sanderson Recruitment and Nakama UK will also complete the asset purchase agreement which provides for the sale and purchase of the Nakama UK business for a total cash consideration of £0.08 million. Pursuant to the transaction, Nakama group is required to change its name and the Board is proposing to change the name to Ridgecrest plc. For the year ended March 31, 2020, Highams recorded an unaudited profit before tax of approximately £0.27 million on revenues of approximately £6.36 million; Nakama HK recorded an unaudited loss before tax of approximately £0.02 million on revenues of approximately £1.35 million; and Nakama Singapore recorded an unaudited loss before tax of approximately £0.18 million on revenues of £0.28 million. As at September 30, 2020, Highams recorded total assets £760,193, with net liabilities being £1.1 million, Nakama HK recorded total assets £0.6 million, with net assets being £4,770 and Nakama Singapore recorded total assets of £23,289, with net liabilities being £0.52 million. Robert Thesiger, Chief Executive of Nakama, will join Sanderson, initially on a consultancy basis, pursuant to the transaction and he will however remain as a Non-Executive Director of Nakama following completion. Michael Clelland will resign as a Non-Executive Director of Nakama upon completion, but Tim Sheffield will remain as Chairman of the Nakama. The transaction is subject to passing of resolution by the shareholders of Nakama Group at the general meeting scheduled to be held on December 29, 2020. The Board of Directors unanimously recommend the transaction. The transaction is expected to close on January 04, 2021. As on December 29, 2020, the transaction was approved by Ridgecrest Plc shareholders. The gross proceeds of the transaction will be used, in part, to satisfy: professional advisory costs incurred in connection with the transaction, expected to total approximately £0.08 million; the outstanding VAT liabilities; all amounts owed by Nakama UK to HSBC Invoice Finance (UK) Ltd as at completion; and certain amounts owed to Directors in respect of unpaid directors' fees and a bonus which will crystallise on completion. Nick Naylor and Liz Kirchner of Allenby Capital Limited acted as a financial advisor to Nakama Group. Link Group acted as registrar to Nakama Group.