Golden Saint Resources Proposes Move To Main Market After Acquisition (ALLISS)

23rd Mar 2018 12:29

LONDON (Alliance News) - Golden Saint Resources Ltd said on Friday it will seek shareholder approval to cancel its trading on the London Stock Exchange's AIM market, and transfer to the Main Market following a reverse takeover.

Shares in the West Africa-focused diamond and gold mining company were suspended, last quoted at 0.017 pence.

The company said it intends to apply for admission to the Main Market following the completed acquisition, and to cancels its AIM shares to preserve its funds. To this end it will hold a general meeting on April 13.

The proposal will require no less than 75% of shareholder approval, and if passed, share cancellation is expected to take place on April 24.

In December, Golden Saint entered a conditional agreement to wholly acquire supplier, installer and maintenance provider of structured cabling systems EMS Wiring Systems Pte Ltd for 70% of Golden Saint's shares, and will also sell its existing assets in West Africa.

For the year ended March 31, EMS Wiring had a revenue of SGD5.9 million and a pretax profit of SGD625,721.

Golden Saint expects to make new board appointments on the completion of the acquisition, including a new finance director and non executive director, and will change its name to Golden Saint Technologies Ltd.