7th Feb 2019 14:27
LONDON (Alliance News) - Tau Capital PLC on Thursday said it reached a deal with Peterhouse Capital Ltd to undertake an equity fundraising which will enable the company to meet its solvency requirements.
The company intends to distribute capital, based on its net asset value, to all shareholders.
At the beginning of February, Tau extended its timeline for acquisition proposals until Wednesday, but said that, if no possible offers progressed, it would have to go into liquidation.
The original offer deadline was November 30. It was the extended to the end of January and then February 6.
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 the firm ultimately seeking a reverse takeover.
Tau became a cash shell in October after disposing of its 40% holding in Stopharm LLP, a Kazakhstan-based pharmaceutical products distributor.
Under AIM rules, Tau must make an acquisition, 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 are cancelled.
Tau shares were untraded at 50.00 pence each.
Related Shares:
TAU.L