5th Nov 2018 11:15
LONDON (Alliance News) - Path Investments PLC said Monday that the proposed acquisition of a 50% stake in the Alfeld-Elze II licence & gas field in Germany will no longer proceed.
The company said it called off the acquisition despite "encouraging institutional investor demand" as it was not possible to reach an agreement with the vendors which would satisfy all the parties involved.
The deal was classified as a reverse takeover, therefore trading of the company's shares was suspended in December 2017.
The company said it will seek removal of the official list suspension "as soon as practicable".
Chief Executive Officer Christopher Theis said: "Whilst the board is naturally disappointed that we were unable to complete the proposed transaction, I look forward to updating shareholders in the near future with regards to other investment opportunities under consideration."
Related Shares:
PATH.L