31st Oct 2005 11:23
Commoditrade Inc.31 October 2005 31 October 2005 Commoditrade Inc. ("Commoditrade" or "the Company") On 12 July 2005, the Directors of Commoditrade announced that it had enteredinto heads of agreement and a period of exclusivity to acquire a commoditytrading business, in a transaction which would constitute a reverse takeoverunder the AIM Rules. The Company is pleased to announce that negotiations are at an advanced stage toacquire a UK-based company engaged in the brokerage of commodities andderivatives. The company to be acquired is regulated by the Financial ServicesAuthority in the UK (the "FSA") and as such an application for approval forchange of controller has been submitted to the FSA. Proposals will be sent toshareholders in due course but not before FSA approval has been obtained. Consideration for the proposed transaction will be satisfied as to a combinationof cash and through the issue to the vendors of new ordinary shares inCommoditrade. In order to satisfy the cash consideration in respect of theproposed acquisition it is intended that Commoditrade will undertake a placingof new ordinary shares in the Company, and in addition raise senior debtfunding. A further announcement will be made as appropriate. Enquiries: John BickTel: (020) 7651 6999 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
FOR.L