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So it seems were waiting on the target company to provide numbers that are formally audited. So we're waiting on some accountants. Good to know the ball's still rolling though.
Next few weeks or month we Will find out. Hopefully double treble the price we paid. Really need this to work out.
Amala Foods Plc
("Amala" or the "Company")
Transaction Update
Amala Foods Plc (LON: DISH) is pleased to announce a further update following the Temporary Suspension of its listing on the Standard Segment of the Official List of the Main Market that was first announced on 9 November 2023 and subsequently on 4 January 2024.
The Company is pleased to update the market that the announced transaction continues to progress. The Company has made further prospectus submissions to the Financial Conduct Authority (FCA) and anticipates its next submission within the coming weeks once the audited numbers of the target company are available.
As previously announced the target company is a newly formed healthcare group, Healthcare Medical Plus Pte Ltd with a Philippine subsidiary, Dialysis Care Plus Inc, which is building dialysis centres in the Philippines where the market for dialysis services is growing substantially every year. The group continues to grow and has executed agreements to acquire, prior to Admission, of a diagnostic centre, that has a multiyear positive track record. In addition, the group has formed a new subsidiary, VidaHealth Inc which has funded a new diagnostic clinic where it has a 70% interest and has an Option to build a further 50 diagnostic centres.
The Directors are targeting that the transaction will be concluded in the summer of 2024 and the Directors will provide further updates to the market in due course.
Whilst the Directors are confident that a successful transaction will result in a Reverse Takeover, subject to regulatory approval, there can be no guarantee of such.
If you have to wonder what they think of their shareholders then you obviously haven't done your homework, their only thoughts regarding shareholders is to how much of the shareholders money the BODs can they move in to their pockets. The competency of the BoDs running this company has been clear since the complete mess they made of the original DISH concept.
This is my last holding. Im done, the market is so corrupt all round it just isnt worth it any more! So much manipulation! Off to the crypto market i go..
Agree completely. If a rough timeline has been given - and bearing in mind this timeline was made to look like a stretch - and 3 weeks have gone past without a word from management, it does make you wonder what they think of their shareholders.
Is really like to know when they submitted the prospectus to FCA. I bet it was towards end of March and FCA clock started ticking only after Easter.
The disregard for the shareholders is criminal tbh, nothing is stopping the company from issuing an update - we should have heard from them 3 weeks ago at the latest...
In the response to Bratt90, I took the prospectus being submitted to the FCA to have taken place towards the end of the month I.e. March.
Still, Agree with you that it must be FCA related back and forth causing the delay. I do wish they'd all hurry up and things moving though. Hate my money being tied up.
It's starting to look as though there may be a problem with FCA approval that needs rectifying. My understanding was that the company's response to Bratt90's question was referring to the month in which the question was asked, namely March. We're now approaching the end of April.
Yes ridiculous been a long wait but IFwe are going to get GOOD-news than it is worth waiting few more days
It is getting quite ridiculous!
They will have had FCA consents back by now. Even allowing for back and forth, surely we should receive an update by now. If things are delayed, i'd rather know that instead of hanging around waiting.
When did you receive this email?
Thank you very much for asking the question and more importantly, sharing the response with us all here. So sometime this month fingers crossed.
Also, if they've submitted the prospectus, the rest of the regulatory stuff relating to pharma must have been done and dusted.
Thanks. If he expected March, it shouldn't be much longer. Unless amendments were required of course. Easter has delayed things too.
I emailed JMK and asked what was going on with the RTO and here is the reply
Good afternoon.
A draft prospectus has been delivered to FCA. They should review it and give comments when they are ready. However it is never easy dealing with regulators.
When the FCA are happy the prospectus will be released. This will outline the business going forward, valuations, timetable, etc. There will be an accompanying RNS at the same time.
I cannot give you the information until the RNS , etc is issued for obvious reasons. I have all my fingers and toes crossed that it will be this month.
Bratt90, do you know they're waiting on FCA or is that an assumption or guess of yours?
Tbf, I don't think it's in their control. It regulatory bodies that we're waiting on.
C'mon you guys. 3 more working days left to end of the month. Please don't come back with more delays
Of what exactly????
DISH are waiting on FCA approval
Ahh well maybe next week
Yeah, and also much lower. If it does actual trade again.
Is a possibility that this will open much higher than it closed? Thats if it happens