Cash Shell Zamano Shares To Be Suspended As It Fails To Make Purchase

6th Mar 2018 12:37

LONDON (Alliance News) - Zamano PLC shares will be suspended from trading in London on Friday as the cash shell has not been able to make an acquisition in the six months since shedding its operations, as it continues to discuss a process to return cash to shareholders.

The former internet and mobile technology company sold all of its operating assets in September to Kilavan Holdings Ltd after its operations were dealt a blow due to changes introduced by mobile network operators in the last quarter of 2016. Specifically, Zamano was hurt by the arrival of PayForIt, a UK mobile network operators joint initiative to regulate mobile payments.

Late in September Zamano confirmed it would look to return cash to shareholders in a process expected to take up to six months.

This is still ongoing, but it is also discussing potential investment opportunities to retain its London listing, and any deal would require shareholders being given the chance to receive cash equivalent to what they would have got were Zamano not to make an acquisition.

If Zamano does not make an acquisition within six months of suspension from trading, shares will be cancelled from London's AIM market and the ESM market of the Irish Stock Exchange.

Shares were down 11% on Tuesday at 3.55 pence each.

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