23rd May 2016 07:07
LONDON (Alliance News) - Senterra Energy PLC shares were suspended from trading on AIM Monday after Senterra said it signed a letter of intent for the reverse takeover of Singapore-based SIM card technology company Oasis Smart SIM Pte Ltd.
Oasis, founded in 2010, is based in Singapore and designs, manufactures and distributions telecommunication software, Senterra said. It made revenue of USD13.0 million in 2015.
Senterra said it has agreed to reverse into Oasis and said its shareholders would own around 15% of the combined business. Senterra said it has received interest from a number of parties from outside the energy sector in recent weeks about working with it to secure a public listing.
Senterra said it will convene a general meeting as soon as possible to seek shareholder approval for the deal. As it constitutes a reverse takeover, Senterra shares have been suspended under AIM rules.
By Sam Unsted; [email protected]; @SamUAtAlliance
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