1st Feb 2019 18:07
LONDON (Alliance News) - Tau Capital PLC on Friday said it has extended its timeline for acquisition proposals until next Wednesday but if no possible offers progress it may go into liquidation.
The original offer deadline was November 30, but this was extended to the end of January and has now been extended for a second time.
Tau became a cash shell in October after disposing of its 40% holding in Stopharm LLP, a Kazakhstan-based pharmaceutical products distributor.
Tau said it has "received expressions of interest" from parties interested in a potential recapitalisation of Tau "or other forms of potential transaction" with the Tau ultimately seeking a reverse takeover.
If, by next Wednesday, Tau has concluded that none of the offers can be progressed on suitable terms, it "will then consider distributing substantially all of the company's remaining cash not required to meet operating costs and liabilities and seek a cancellation of the admission to trading of the company's shares on AIM".
Tau must make an acquisition, or acquisitions, constituting a reverse takeover if it is to remain on AIM as an investing company. Tau's deadline before its shares are suspended is April 18, and it would then have six months to make an acquisition before its shares were cancelled.
Shares in Tau closed down 43% at USD0.01 on Friday.
Related Shares:
TAU.L