(Alliance News) - Wilmcote Holdings PLC on Friday said it has ceased discussions regarding a potential acquisition of Arclin Inc, a construction products firm, leading to its shares being restored to trading on AIM.
In early June, shares in Wilmcote were suspended after it announced it had begun talks to buy Arclin.
On Friday, the investor in chemicals sector said it has incurred "material" third party expenses in connection with this transaction.
Wilmcote said it estimates it will have GBP900,000 in residual cash reserves following the settlement of negotiated transaction-related expenses.
The company said it intends to hold discussions with shareholders regarding the potential further capital raising to fund future operating expenses and to continue to pursue acquisition opportunities.
Wilmcote shares were trading 33% lower on Friday in London at 65.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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