LONDON (Alliance News) - Shares in United Cacao Ltd SEZC have been de-listed from AIM following its failure to appoint a replacement nominated adviser, as the Peru-focused company struggles with a "constrained financial situation".
United Cacao's previous nominated adviser resigned in early January, as the company faced the resignation of its former chairman & group managing director over a number of previously undisclosed loans. Additionally, United Cacao said in January that one of its projects may have less than half the acreage previously reported.
"The board will continue in its efforts to stabilise the condition of the company and, if successful, will examine a number of alternatives including the option of re-listing on an alternative trading platform," said United Cacao.
United Cacao is now seeking further funding after a USD700,000 bond placement in January which was used to meet urgent payments, but said there is "no assurance that such further financing will be raised"
By Adam Clark; adamclark@alliancenews.com
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