Artemis Res Regulatory News (ARV)

3 Apr 2006 07:02

Archimedia Ventures PLC03 April 2006 ARCHIMEDIA VENTURES PLC ("Archimedia" or the "Company") STATEMENT RE SUSPENSION OF TRADING IN SHARES AND PROPOSED ACQUISITION Archimedia is an investing company whose shares were admitted to trading on AIMprior to 1 April 2005 and which raised less than £3m on admission. As theCompany has not yet made an announcement in relation to a reverse takeover underRule 14 of the AIM rules, trading in the Company's shares will be suspended at 7am today. The board of Archimedia is pleased to announce that the Company has agreed inprinciple heads of terms for the acquisition of a company in the media sector.The acquisition is subject, inter alia, to due diligence, a fundraising andArchimedia's shareholders' approval. Due diligence is underway and the Companyis hopeful that full details of the transaction will be announced as set outbelow. The acquisition would, if completed, constitute a reverse takeover under the AIMrules. The timetable for posting details to shareholders will be a function,amongst others, of the due diligence process but the Company expects to announcedetails in early May and call an extraordinary general meeting to approve theacquisition at that time. Shareholders should note that under the AIM rules, the admission of theCompany's shares will be cancelled if the Company has not completed a reversetakeover by 3 October 2006. Enquiries:- Noel Healey, Chairman 07770 980 214 Kris McGuire 0207 245 1100 Hansard Communications This information is provided by RNS The company news service from the London Stock Exchange