Red Emperor Resources NL - oil and gas exploration firm with headquarters in West Perth, Australia - Becomes AIM rule 15 cash shell following relinquishment of Western locks on Alaska's North Slope. This means it must undertake a reverse takeover within six months of July 21, 2020. It can also seek to become an investing company, which would necessitate raising at least GBP6 million and publishing an admission document. Should neither of these take place, its shares will be suspended for another six months and potentially cancelled after that. June 30 cash in bank around AUD4.6 million, around GBP2.5 million. Continues evaluating "a number of oil and gas opportunities in line with its strategy and principal activities".
Current stock price: 0.50 pence
Year-to-date change: down 22%
By Anna Farley; annafarley@alliancenews.com
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