Mustang Energy PLC - London-based special purpose acquisition company focused on energy storage and stationary battery assets - Opts against acquiring Acacia Resources Ltd's minority interest in VFRB Holdings Ltd. Says this follows announcements in August and September, when it said it was in negotiations with the shareholders of VRFB-H, being Bushveld Minerals Ltd and Acacia, over renegotiating the terms in which Mustang would acquire their interests in VRFB. As announced two weeks ago, Bushveld was to begin a formal sale process for its interest in VRFB-H, which Mustang decided against participating in. As a result, Acacia and Mustang have now concluded that it is not in either parties' best interest to pursue the acquisition of Acacia's minority interest in VRFB-H. Says it continues to "actively consider" acquisition opportunities and that further announcements will be made in "due course".
Shares in Mustang Energy are currently suspended.
By Greg Rosenvinge, Alliance News senior reporter
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Mustang Energy (MUST)