(Alliance News) - Shares in cash shell Vintana PLC were suspended on Monday after the firm failed to make an acquisition within the AIM deadline.
Vintana sold its last operating subsidiary in September 2019, making it a cash shell. It then had six months to make an acquisition or shares would be suspended from trading.
Vintana was called Cellcast at the time of the GBP375,000 sale, with Chief Executive Craig Gardiner buying the operations.
"The directors of the company have been pursuing a number of opportunities over the past six months which, should they have completed, would have constituted a reverse takeover. Unfortunately, none of these discussions have come to fruition," said Vintana.
"The company is currently in advanced discussions as to the indicative terms of a transaction with a potential acquisition target in the natural resources sector which, if successfully concluded, would constitute a reverse takeover. The directors are hopeful that a transaction would be able to be concluded within the next six months, however, there can be no guarantee that this will be achievable," it added.
Vintana has another six months to make an acquisition, or shares will be cancelled from AIM. They last closed at 1.05 pence each.
By George Collard; georgecollard@alliancenews.com
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