LONDON (Alliance News) - Matra Petroleum PLC Wednesday said that the resolution to cancel its admission of shares on AIM has been approved, and the cancellation of trading will take effect from May 1.
The US focused oil and gas investment company had been suspended from trading for five months until April 1, pending a reverse takeover to acquire the remaining 50% of joint venture company PG-M International.
Following the deal, AIM rules require the company's substantial shareholders to agree not to dispose of any interest in their securities for a period of one year from re-admission.
In a trading statement on April 1, the company said that its two major shareholders, Winpro Ventures Corp and Tricon Energy Finance Ltd were unwilling to be constrained by the rules and consequently the company was unable to complete the reverse takeover.
However, Matra Petroleum said it had secured an extension to its option to acquire the 50% interest in PG-M until May 2, which should give it time to effect the cancellation of its trading on AIM, following which it can proceed to complete the acquisition as a private company.
At the time company said that it believed the cancellation was in the best interests of shareholders and will allow the company to continue to implement its strategy of acquiring oil and gas interest.
It has now gained approval for the cancellation of its admission to AIM.
Matra Petroleum shares last traded 22% lower at 0.800 pence.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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