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In theory if cash shell is liquidated post 6 Jan, the cash that is left is redistributed to shareholders based on NAV.
Does beg the question where would the money actually go ?
Am I right in thinking if no reverse takeover is completed all money is lost.
Boom, I have a list of TR1 holders, 11 in total holding 50% overall. If new deal needs to be done within original 6 month timeframe, they better get a move on pronto.
Not the news I wanted to read but rto’s are a risk. Imo, it’s now binary on whether anything will get done in time. This is aim and there’s nothing guaranteed as we’ve just found out. GLA but I won’t be holding my breath on this one.
They clearly smelt a rat and were not prepared to wait until virtually deadline day. It would appear they are some way down the route of Plan B.
Let's hope so.
Yes, hopefully the fact that the company didn't state something like ' At this stage the company is not in negotiations with any third party regarding an alternative investment' has to be a positive.
Fingers crossed.
Hmm, never did like the idea of an Airline anyway.
I'm hanging on to this:
The Company anticipates being able to make a further announcement regarding an alternative transaction in the near future.
The words 'near future' give me a modicum of hope......
What a let down after all the excitement of investing in an airline. Do they have an alternative investment lined up? Let's hope so and pretty damn quickly at that!
Let's start again then ..............
RDGC - Ridgecrest / Update re proposed reverse takeover of Blue Air
RNS Number : 1309Q
Ridgecrest PLC
25 October 2021
Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the UK Market Abuse Regulation. With the publication of this announcement, this information is now considered to be in the public domain.
Ridgecrest plc
("Ridgecrest" or the "Company")
Update re proposed reverse takeover of Blue Air
Ridgecrest, an AIM Rule 15 cash shell, has terminated negotiations on its proposed reverse takeover of Blue Air*. This is a consequence of Blue Air's inability to raise the pre-RTO funding that was the principal condition of the non-binding heads of agreement between Ridgecrest and Blue Air's vendors referred to in Ridgecrest's announcement of 6 July 2021.
The Board of Ridgecrest has concluded that it is in the Company's shareholders' best interests to pursue an alternative transaction. The Company anticipates being able to make a further announcement regarding an alternative transaction in the near future.
Trading in the Company's shares was suspended on 6 July 2021, pursuant to AIM Rule 15. If the Company does not complete a reverse takeover or become readmitted to trading on AIM as an investing company under the AIM Rules within six months of the suspension, it is expected that trading in the Company's shares on AIM will be cancelled.
The Company expects to announce its final results for the year ended 31 March 2021 later this week.
* Blue Air is defined in the announcement of 6 July 2021.