LONDON (Alliance News) - Shares in Forte Energy NL jumped 32% Friday after it resumed trading on London's AIM market, with plans to undertake a reverse takeover of a financial technology company.
Shares in Forte were up 26% at 0.00785 pence Friday morning, the biggest gainer on AIM. Shares in the company had been suspended since December, when it had entered into a transaction funding agreement to help it move towards making a reverse takeover.
The Australian-based minerals company has proposed the reverse takeover of BOS Global Ltd, an Australia-based financial software and services company. It said that its interests in uranium projects had been hit by a prolonged downturn in the global uranium market, and it had been unable to attract significant new investment to support its ongoing activities.
Last October, the company forfeited its interest in the the Kursikova and Novoveska Huta uranium projects in Slovakia after the Slovakian Ministry of Environment rejected an application to extend its uranium licence over the Kuriskova deposit area.
Since then it has been seeking out alternative growth opportunities, which has resulted in its decision to become a financial technology company.
As part of the reverse takeover, BOS Global shareholders will receive shares in the new company so that they will hold 85% of its total issued share capital, meaning they will be entitled to receive 42.5 million shares at an issue price of 8 pence.
If the reverse takeover is approved, Forte expects this to be completed August 26, and to be readmitted to AIM at the end of August, when it will change its name to BOS Global Holdings NL.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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