21st Dec 2016 13:30
21 December 2016
Emerging Market Minerals Plc
(“Emerging Market Minerals” or the “Company”)
Update re 2016 Annual Report and Accounts
Suspension from Trading on AIM
AIM Rule 15 Cash Shell Status
Emerging Market Minerals (AIM: EMM) announces that the Company will not be in a position to publish its audited annual report and accounts for its financial year ended 30 June 2016 (the “Annual Accounts”), by 31 December 2016, in accordance with Rule 19 of the AIM Rules for Companies.
Accordingly, trading in the Company’s ordinary shares on AIM is expected to be suspended with effect from 1.30 p.m. today and such suspension will remain in place until publication of the Annual Accounts.
In addition, the Company announces that due to the considerable ongoing delay and uncertainty with respect to receiving the requisite approvals from the relevant Madagascan government authorities in respect of the Company’s Marodambo Project, thereby preventing any substantive work on the project, it is now deemed to have become an AIM Rule 15 cash shell for the purposes of the AIM Rules and will therefore have six months from today to make an acquisition or acquisitions which constitute a reverse takeover pursuant to AIM Rule 14 (including seeking re-admission as an Investing Company as defined under the AIM Rules), failing which trading in the Company’s ordinary shares will be suspended pursuant to AIM Rule 40. Should the Company subsequently not complete a suitable reverse takeover within six months following such suspension, admission to trading on AIM of the Company’s securities will be cancelled.
A further announcement(s) will be made as and when appropriate.
- Ends -
For further information, please contact:
| Emerging Market Minerals Plc | Tel: +44 (0)20 3637 5933 | ||
| Martin Nicholls, Executive Chairman | |||
| Strand Hanson Limited (Nominated Adviser) | Tel: +44 (0)20 7409 3494 | ||
| James Harris | |||
| Matthew Chandler | |||
| James Dance | |||
| or visit: www.emergingmarketminerals.com |
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161221005391/en/
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Related Shares:
EMM.L