4th Nov 2019 18:04
(Alliance News) - Nu-Oil & Gas PLC on Monday said the sale of its 50% interest in MFDevCo to RMRI has become effective after approval secured by shareholders at the annual general meeting.
Therefore, the company said it is now deemed to be a cash shell and is required to make an acquisition in the six months from Monday or it will be suspended from trading on AIM.
Nu Oil & Gas confirmed that it does not intend to re-admit to trading on AIM as an investing company and will complete an acquisition in the oil & gas space within six months.
In addition, the company said it has appointed Jay Bhattacherjee and Andrew Dennan, as non-executive chair and non-executive director, respectively.
Nu-Oil & Gas shares closed 7.7% lower in London on Monday at 0.06 pence each.
By Evelina Grecenko; [email protected]
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