4th Dec 2018 17:48
LONDON (Alliance News) - Tau Capital PLC said Tuesday it has decided to extend the deadline for a takeover until the end of January, after receiving expressions of interest from several parties.
Tau is currently in "early stage" discussions with third parties regarding the takeover, with "no certainty" of any transaction.
If no transaction is successfully concluded, "the board will then consider distributing substantially all of the company's remaining cash not required to meet operating costs and liabilities" before seeking cancellation of the firm's shares from AIM.
The company, which became a cash shell in October, must make an acquisition before April 18, or readmit as an investing company, in order to avoid the suspension of its shares.
Back in October, it had set the deadline for the takeover to November 30. However, due to the level of interest it has decided to extend it.
Tau shares closed untraded at USD0.02 on Tuesday.
Related Shares:
TAU.L