10th Oct 2019 11:42
(Alliance News) - Rockpool Acquisitions PLC said Thursday it will not progress the acquisition of Northern Irish energy company Greenview Gas Ltd.
The special purpose acquisition vehicle invested GBP793,000 in Greenview in November 2017 and was waiting to acquire the business until Greenview completed its own acquisition of Central Heating Services Ltd.
Rockpool was also hoping to re-admit its shares to the official list of London's Main Market following the reverse takeover of Greenview. Shares in Rockpool Acquisitions are currently suspended but last closed at 9.00 pence each.
However, due to the "unexpectedly poor" financial performance of CHS since Greenview acquired it in January, Greenview has decided to restructure its business.
"As a result, the board of Rockpool has decided not to progress with the acquisition of Greenview at this time and, as a result, will not be progressing with the preparation of a prospectus, in relation to a reverse takeover of Greenview, for the re-admission of the company's shares to the Official List until such time as the results of the abovementioned restructuring plan have been more fully realised," Rockpool said.
Rockpool had delayed its results for the year ended March 31 whilst it was conducting due diligence on the Greenview deal but said it is now in a position to release the accounts in the next seven to ten days.
By Paul McGowan; [email protected]
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