4th Apr 2018 16:15
LONDON (Alliance News) - Cash shell Emmerson PLC said Wednesday it is working on a prospectus, and on agreeing eligibility with the UK Listing Authority, for a proposed acquisition.
In October, Emmerson entered into a binding memorandum of understanding with Morocco-focused potash miner Moroccan Salts to acquire the company in a reverse takeover. The assets held by MSL have the potential for it to "emerge as a top tier global potash mine with potential to return substantial gains for new and existing shareholders", Emmerson said at the time.
Emmerson agreed to acquire 100% of the company for GBP10.0 million, paid for through the issue of 333.3 million new shares in Emmerson at an implied price of 3.0 pence per share.
Emmerson shares are currently suspended from trading in London, as the deal represents a reverse takeover.
Earlier Wednesday, Emmerson said it is changing its financial year to align with the calendar year to align itself to Morocco Salts' financial year. Its previous financial year ended on March, but it now ends in December.
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