4th Nov 2015 11:16
LONDON (Alliance News) - 3Legs Resources PLC on Wednesday said its shares have been suspended from trading on AIM after it failed to implement its investing policy within 12 months, though the company said it is in the process of pursuing a reverse takeover.
At the end of September, the company subscribed for GBP215,000 for new shares in SalvaRx Ltd, together with the same amount by 3Legs directors Jim Mellon and Greg Bailey. 3Legs owns 11.1% of SalvaRs which in turn owns a 60.5% stake in cancer immunotherapy developer iOx Therapeutics Ltd.
3Legs said it has entered non-binding heads of terms to buy SalvaRx. That deal would constitute a reverse takeover, so the company's shares will remain suspended until an admission document detailing the proposed acquisition is published or until it otherwise implements its investing policy.
If this doesn't happen within six months, 3Legs shares will be cancelled from AIM.
By Sam Unsted; [email protected]; @SamUAtAlliance
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