6th Sep 2019 11:57
(Alliance News) - BigDish PLC on Friday said it has not obtained the necessary regulatory approvals to issue 3.4 million of the 13.8 million shares owned to former Pouncer Media Ltd shareholders as part of an acquisition.
Shares in BigDish were up 3.65 at 3.47 pence in London in late morning trade.
BigDish bought fellow yield management firm Pouncer in August 2018 for USD1.3 million and the shares formed part of the deferred consideration.
In response to this lack of approvals, BigDish has opted to withdraw its application to admit the 13.8 million shares and submit a new application to admit 10.4 million shares instead - as these have already been given approval for London Stock Exchange admission.
Admission of the other 3.4 million as yet unapproved shares "will be sought at a later date", while the 10.4 million will be admitted to trading on or around Wednesday next week to give a total enlarged share capital of 349.0 million.
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