9th Jul 2018 17:50
LONDON (Alliance News) - Zamano PLC said Monday it has continued talks and remains in on-going negotiations with an unnamed party regarding the potential reverse takeover.
The mobile technology company signed a memorandum of understanding with a counterparty to acquire certain operating assets in return for the issue of new shares in Zamano.
Reciprocal due diligence is being carried out and the preparation of the necessary transaction documentation is well advanced, the company said.
Discussion have taken place regarding the terms of the potential transaction but no definitive agreement has been reached.
Completion of the transaction would be subject to the approval of Zamano shareholders.
Zamano shares are suspended from trading, last closed at 4.00 pence each.