AIM Rules (Investing Companies)28 Sep 2016 09:14
Unless I'm reading AIM rules wrong STGR need to both publish its investing policy and have cash/investments worth at least £6m by end of 6month window. Todays news goes part way towards that, existing cash & tranche 2 should also fall within it but still a funding gap IMHO.
Rule 15 - Fundamental changes of business
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/..Within six months of becoming an AIM Rule 15 cash shell, the AIM company must make an acquisition or acquisitions which constitutes a reverse takeover under rule 14. For the purposes of this rule only, becoming an investing company pursuant to rule 8 (including the associated raising of funds as specified in rule 8) will be treated as a reverse takeover and the provisions of rule 14 will apply including the requirement to publish an admission document../
Rule 8 - Investing Companies
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Where the applicant is an investing company, a condition of its admission is that it raises a minimum of £6 million in cash via an equity fundraising on, or immediately before, admission.
An investing company must state and follow an investing policy../