21st Jan 2020 17:42
(Alliance News) - Path Investments PLC on Tuesday said it is continuing to progress in line with expectations on the proposed acquisition of FineGems Extraction Corp.
In addition, Path announced the resignation of Executive Director Andy Yeo, who joined the company four years ago. Path said he has resigned, effective immediately, to focus on his other business commitments.
In August 2019, the investment company said it has agreed to acquire FineGems Extraction in an all-share deal which would give the FineGems vendors a 50% stake in Path.
The binding share purchase agreement signed by Path for FineGems has a number of conditions.
Back in December, Path began the draft prospectus review process with the Financial Conduct Authority.
On Tuesday, the company said initial comments on the draft prospectus are anticipated "shortly".
The remaining steps towards completion of the proposed acquisition include an equity marketing programme, final approval and publication of the prospectus and approval of the proposed transaction by shareholders at a general meeting, which will be convened when the prospectus is published, Path said.
If completed, the acquisition will constitute a reverse takeover. Path shares remain suspended as of Tuesday.
By Ife Taiwo; [email protected]
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