8th Oct 2019 15:35
(Alliance News) - Tau Capital PLC on Tuesday said its shares are expected to be cancelled on October 24 following the disposal of its indirect Stopharm LLP interest.
Tau made the disposal back in October 2018 and became a cash shell under AIM rule 15. Its shares were suspended in April 2019 as Tau had not completed a reverse takeover by that time.
Following the suspension, Tau had another six months to make an acquisition or face cancellation. It has " reviewed a number of potential opportunities" and is in negotiations for "several" of these.
However, as none of the opportunities are likely to result in an acquisition by October 23, Tau is expecting its shares to be cancelled effective October 24.
"The board is considering a number of possibilities for the company, which include a potential application for the ordinary shares to be admitted to trading on AIM at a later point in time, or applying for admission to a different exchange," said Tau.
By Anna Farley; [email protected]
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