23rd Aug 2019 10:56
(Alliance News) - Sirius Petroleum PLC said Friday its shares will be delisted from the AIM market of the London Stock Exchange next Tuesday as it continues to conclude a transaction, whilst it intends to relist "as soon as possible."
Shares in Sirius have been suspended since late February after it announced a reverse takeover to enable it to complete the work programme at its Ejulebe offshore oil field in Nigeria.
On Friday, Sirius confirmed it was still working on the transaction but that it "requires additional time to complete the regulatory process which would have allowed its shares to resume trading."
Consequently, under AIM rules its shares will be cancelled following six months of suspension. This will occur next Tuesday.
Despite the forthcoming cancellation, Sirius emphasised it was "continuing to develop its portfolio" and will look to relist in London as a new applicant "as soon as possible."
Sirius cautioned, however, that there can be "no guarantee" the reverse takeover will complete.