2nd Aug 2018 12:52
LONDON (Alliance News) - Shell company Uvenco UK PLC said Thursday that payment from its Russian investor has been delayed to the end of the month.
Boris Belotserkovsky, chairman and sole owner of Uvenco Russia, has committed to invest GBP100,000 through a 5.0 million share subscription. The deal was expected to conclude by July 31 but has now been delayed to August 30.
Once the investment is complete, Belotserkovsky's holding in Uvenco UK will be 9.3%. The Belotserkovsky Concert Party's holding will be 57%.
The UK company sold its three trading subsidiaries for GBP1.8 million back in May and has until November end to make an acquisition.
"Trading on AIM in the company's shares will remain suspended pending clarification of its financial position and until such time as the company has published audited financial results. Further announcements will be made in due course," the company said.