17th Mar 2020 18:25
(Alliance News) -Â Nu-Oil & Gas PLC on Tuesday said it is looking at a reverse takeover in the environment industries sector.
Due to commodity price volatility over several months "and, more specifically, the last few weeks," the company is looking at potential reverse takeover targets across all sectors, not just those in the oil and gas industry.
"The company has particularly focused its efforts on the environmental industries sector and is pleased to confirm that it is in discussions with several potential targets. The company is confident in its ability to close a reverse takeover transaction in this particular sector and believes that it would provide an opportunity for diversification of risk away from the hydrocarbons sector which continues to be severely depressed," said Nu-Oil.
The firm has until May to make a reverse takeover or it will face a share suspension. If this were the case, the company would have a further six months, with November 4 being the last possible date, to conclude a deal before seeing its shares cancelled.
Shares in Nu-Oil closed down 33% at 0.027 pence in London on Tuesday.
By Lucy Heming;Â [email protected]
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