23rd May 2016 10:50
LONDON (Alliance News) - Glenwick PLC Monday confirmed it is in discussions about completing an acquisition which would be classed as a reverse takeover, which has resulted in its shares being suspended.
Glenwick launched a new investment policy late last year to focus on the natural resources sector primarily within Australasia and North America and confirmed it is in discussions about potentially completing a reverse takeover following media speculation.
Due to the nature of the possible deal, Glenwick will need to gain shareholder approval if it goes through with the acquisition. As a result, shares have been suspended until Glenwick announces the date of the general meeting where shareholders would cast their votes in relation to the possible deal.
Glenwick did not provide any further details but said a further announcement would be published "when appropriate".
Glenwick raised GBP500,000 from a placing at the end of March and also appointed two new technical consultants on the same date as Jacob Poll and Joanne Kendrick joined the firm.
Cash at the end of 2015 stood at GBP566,000, with that placing being conducted afterwards.
By Joshua Warner; [email protected]; @JoshAlliance
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