LONDON (Alliance News) - PME African Infrastructure Opportunities PLC said its proposed reverse takeover of Sheltham Holdings (Proprietary) Limited was rejected by shareholders at an extraordinary general meeting on Monday.
In addition, the firm said certain shareholder loans made to Sheltham, the Africa-focused mining, aviation and marine business, will not proceed. PME said it will review its options and will provide a further update in due course.
PME had agreed in July a deal to acquire the 50% of Sheltham it did not already own and even had gained approval from the South African Competition Commission for the reverse takeover.
The deal would have seen PME cease to be an investing company and become the holding company of a trading group.
PME shares were untraded on Tuesday, quoted at 0.175 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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