18th Oct 2018 15:58
LONDON (Alliance News) - Tau Capital PLC on Thursday said it has completed the disposal of its indirect interest in Stopharm LLP, meaning that it is officially a cash shell.
Tau sold its 40% holding in Stopharm for USD1.3 million. As a result, Tau is no longer classed as an investment company and must make an acquisition within the next six months, or readmit as an investing company, in order to avoid the suspension of its shares.
Tau said its directors intend to set a timeline to "receive and consider" acquisition proposals. If, after November 30, no satisfactory proposals have been made, then it will distribute all remaining cash and seek cancellation.
Shares in Tau were untraded at USD0.02 on Thursday afternoon.
Related Shares:
TAU.L