LONDON (Alliance News) - Geong International Ltd had its shares suspended from trading on AIM on Wednesday.
The company, which did not release its own statement concerning the suspension, was suspended pursuant to AIM Rule One, which refers to the company ensuring it has a nominated adviser.
The suspension follows on from news in August that Geong had entered talks with Hanafin Ltd over a possible takeover bid, but those talks were, at the time, at a "very preliminary" stage. The discussions are focused on a bid which would be for around 5.0 pence per share in cash, the same price at which Geong's convertible unsecured loan stock is convertible at.
Hanafin currently has GBP1.0 million in convertible unsecured loan stock in Geong which is due to be redeemed at the end of September and, if redeemed, would give the company a 34.6% stake in Geong.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
