17th Sep 2018 12:21
LONDON (Alliance News) - Concha PLC said Monday that it does not expect to complete a reverse takeover by October 4 deadline and as a result shares will be cancelled from trading on AIM market on October 5.
The company said it considered a number of acquisitions and it is currently in on-going discussions with "interesting businesses".
"However, whilst the board is confident that it will be able to secure value for its shareholders, the company will not be in a position to announce that it has entered into any definitive agreement with a suitable business for a reverse takeover by October 4," Concha explained.
The investment company's shares were suspended from trading on AIM at the beginning of April as it failed to complete a reverse takeover.
After the suspension, under AIM rules a cash shell has six months to complete an acquisition, otherwise its shares will be cancelled.