LONDON (Alliance News) - Integumen PLC said Friday it has decided against the reverse takeover of Cellulac PLC but "remains in discussions" with the company to agree on an alternative transaction.
In April, Integumen said it was planning to acquire Cellulac in a cash and share deal, of which 84% will be shares, and it would also raise GBP7.5 million through either an equity placing or debt funding.
If the acquisition had taken place, the enlarged group would have conducted a share consolidation and changed its name to Cellulac PLC. Cellulac Chief Executive Gerard Brandon and Chief Operations Officer Camillus Glover would have held the same roles in the enlarged company.
Integumen shares will remain suspended on AIM until the company publishes its 2017 accounts. The company is hoping to publish these results contemporaneously with the proposed transaction with Cellulac.
