2nd Apr 2025 12:49
(Alliance News) - Medcaw Investments PLC on Wednesday said it will no longer proceed with its planned reverse takeover of Abyssinian Metals Ltd, citing an ongoing dispute between the company and the Ethiopian government.
The London-listed acquisition vehicle said the disagreement relates to the ownership and operation of Abyssinian's Kenticha lithium project in Oromia State. Medcaw said Abyssinian continues to seek a resolution with the Federal Democratic Republic of Ethiopia but has not provided further details.
Medcaw added that it is taking professional legal advice regarding its position with respect to Abyssinian.
Following the decision, Medcaw confirmed it will resume trading on the London Stock Exchange on Wednesday, lifting a suspension in place since July 2023 when the proposed transaction was first announced.
The company said it will begin the search for a new acquisition target "in due course".
By Eva Castanedo, Alliance News reporter
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