Rockpool Acquisitions Plc said on Monday that its planned reverse takeover of European Lingerie Group AB (ELG) has been delayed after ELG failed to secure a critical funding commitment from an investor.
Negotiations between ELG and the potential backer collapsed after the proposed investment fell short of the investor’s minimum requirements, Rockpool stated. The shortfall follows three months of talks during which ELG sought capital to refinance existing debt, address working capital shortages and meet payment obligations to Rockpool tied to the proposed acquisition.
ELG had been in advanced discussions with the investor to finalize the funding, which was also intended to support its preparations for a market readmission once the transaction was completed. Rockpool’s annual report for the year ended March 31, 2026 — published on July 31 — had previously noted the ongoing negotiations with the investor.
ELG is now pursuing alternative funding sources identified earlier in the process, alongside additional potential backers, to bridge the shortfall. The delay in securing capital has pushed back the timeline for completing the reverse takeover and ELG’s market readmission plans.
Rockpool warned that the funding gap may impair its ability to recover amounts owed by ELG, which could have an adverse effect on Rockpool’s medium-term financial position if the outstanding sums are not recovered.
