(Alliance News) - Nu-Oil & Gas PLC on Thursday said it has taken steps to recover costs following the termination of the proposed reverse takeover of a European plastics recycling and reprocessing business that it had announced in April.
The AIM cash shell said the proposed acquisition was to create a potentially enlarged company that would act as a consolidation vehicle in the sector.
Nu-Oil & Gas currently is in talks with various stakeholders for an alternative reverse takeover. It said the board would provide an update on this "as soon it is in a position to do so".
Shares in Nu-Oil & Gas are suspended from trading in London.
By Zoe Wickens; zoewickens@alliancenews.com
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