10th Feb 2016 07:00
LEED RESOURCES PLC("Leed" or "the Company")
Status of Implementation of Investing Policy
Leed Resources plc, (AIM: LDP), the natural resource investing company, can confirm that it’s Directors are continuing to work towards the implementation of the Company’s investing policy as approved by shareholders at the general meeting on 12 February 2015.
In accordance with AIM Rule 15 and as set out in the notice of general meeting dated 23 January 2015, the Company must make an acquisition or acquisitions which constitute a reverse takeover under AIM Rule 14 or otherwise implement its investing policy within 12 months from the date of approval. The relevant notice of general meeting can be viewed at www.leedresourcesplc.com on the AIM Rule 26 page.
Notwithstanding the Company’s existing investments of a total of A$1.68 million by way of loan notes in Battalion International Limited, the Directors believe it is unlikely that the Company will have completed an acquisition or acquisitions which constitute a reverse takeover under AIM Rule 14 or otherwise implemented its investing policy (as defined in the AIM Rules for Companies) by 12 February 2016. If this is the case then trading in the ordinary shares of the Company will be suspended in accordance with the guidance note to AIM Rule 15. However, the Directors are reasonably confident that the Company will be able to make an acquisition or acquisitions which constitute a reverse takeover under AIM Rule 14 or otherwise implement the investing policy within six months from the date of suspension and before the Company’s shares are cancelled from trading on AIM in accordance with AIM Rule 41.
Further announcements will be made in due course.
| For further information, please contact: Leed Resources plc | |||
| Ian Gibbs | |||
| Charles Zorab | Tel: +44 203 405 4214 | ||
| Nomad and Broker | |||
| SP Angel Corporate Finance LLP | |||
| Ewan Leggat/Laura Harrison | Tel: +44 20 3470 0470 | ||
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