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I believe the relist to main market was a request from Hellenic as they specified they were looking to list on the main market in an announcement a few months ago
Perhaps there's scope to target a wider institutional base via the Micro Cap or (if they really take off) Small Cap Index?
Great news today - feeling much happier.
From the RNS, one of the conditions precedent is :
.."the allotment and issue of the Consideration Shares credited as fully paid subject only to Admission on or before the Long Stop Date, being 31 October 2021.."
.." I'm curious as to why they're going for a main market listing rather than the more straightforward, quicker and cheaper AIM RTO..."
The cynic in me would speculate that AIM requires a Nomad, a Standard listing doesn't ...and therefore has arguably less day-to-day regulatory oversight.
I may just have got out of the wrong side of the bed, though.
Thanks for that gidget, so q4 most likely. Hopefully by Christmas
Good point Gidget, i hadnt grasped that aspect of the RNS. Presumably we have been suspended from trading as the relisting will be on the main market
The next question relates to how long it will likely take for the RTO to take place and the shares re-admitted for trading?
A similar RTO occured between spinnaker opportunities and Kanabo Research (KNB). A quote from the earliest spinnaker RNS i could locate:
"Further to the announcement on 26 February 2019 regarding the proposed reverse take-over of medicinal cannabis company, Kanabo Research Limited (the "RTO" or the "Proposed Acquisition")"
KNB was admitted to trading in February 2021, almost two years after the target was identified.
However, it doesnt look as if spinnaker was ever suspended from trading based on a scan of the RNS's (unlike UKSPAC). The RNS indicates a name change after a number of updates concerning the progress on the RTO.
Perhaps the circumstances surrounding KNB are not so similar to what we can expect here, but it certainly took a long time for spinnaker to become KNB from the point the target was identified