Nu-Oil reports positive progress on reverse takeover work

(Sharecast News) - Nu-Oil and Gas updated the market on its status as an AIM rule 15 cash shell on Wednesday, having been granted an extension to its requirement to complete a reverse takeover by six months under the temporary AIM coronavirus measures.
The firm's original deadline was 4 November, and as a result of the extension, it has around eight months to complete a reverse takeover.

"Since the company's last notification on 8 July, the board has progressed discussions with two counterparties who are both in the circular economy industries and specifically in plastics recycling and manufacturing," the board said in its statement.

"The board expects it will be able to provide a further update shortly with further details of a proposed transaction."

Nu-Oil was designated as an AIM rule 15 cash shell on 4 November 2019.

As a result, its shares remained suspended from trading until an AIM admission document is published in respect of a reverse takeover transaction.

"The board remains confident that it will conclude a transaction which will constitute a reverse takeover within the stipulated - now extended - timeframe under AIM rule 15, and will update shareholders accordingly."