(Alliance News) - Bermele PLC on Wednesday after named Anthony Reeves as a non-executive director and said it is reviewing potential acquisition opportunities.
Shares in Bermele were up 26% at 1.58 pence each in London on Wednesday afternoon
The company, which was formed specifically to acquire a firm in the biotechnology, life sciences or pharmaceutical sectors, said no opportunities reviewed to date "would generate significant returns for shareholders" though it is confident of completed a reverse takeover "in the coming months".
Newly-appointed Reeves has had experience in reverse takeovers, Bermele said, as he was formerly a non-executive director at biotechnology-focused investment company Levrett PLC which acquired the pharmaceutical development firm Nuformix PLC in 2017.
Reeves is currently the executive chair of London-listed cyber-security software company Defenx PLC. He was also the chair and chief executive of Delphi Group PLC before it was acquired by Swiss staffing firm Adecco SA.
Bermele added that Reeves has been awarded the option of four million shares at an exercise price of 1.25 pence each, the closing price in London on Tuesday.