Clock's ticking11 Jan 2021 11:28
Where is PW's and AB's focus? Do we get a refund as they seem to be focusing elsewhere?
RNS Number : 6840M
Mustang Energy PLC
13 May 2020
"The Directors note that as disclosed in the prospectus dated 17 July 2019, if an acquisition has not been announced by the end of January 2021, the Board will recommend to Shareholders either that the Company continue to pursue an acquisition for a further 12 months or that the Company be wound up (in order to return capital to Shareholders, to the extent assets are available).
The Board's recommendation will then be put to a Shareholder vote (from which the Directors holding Ordinary Shares will abstain). In the event that the Company is wound up, any capital available for distribution will be returned to Shareholders in accordance with the Articles. An ordinary resolution of Shareholders is required to voluntarily wind-up the Company unless the Directors resolve to petition the High Court in England and Wales to wind-up the Company.
If an acquisition is not successfully completed by January 2021 and the shareholders voted to wind the company up, the remaining assets and liabilities would be settled in the normal course of business and any excess funds returned to shareholders. This is considered to be a material uncertainty as the company would be wound up and not continue to trade on a going concern basis. These events may cast significant doubt on the Company's ability to continue as a going concern. The financial statements do not include any adjustments that may be necessary if the Group were not a going concern."
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