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18 Jul 2008 12:23
For immediate release 18 July 2008
Chariot (UK) plc (the "Company" or "Chariot")
Cancellation of quotation on the AIM market
The Board of Chariot today announces that the Company's quotation on the AIM market of the London Stock Exchange plc ("AIM") will automatically be cancelled with effect from 8 a.m. on 4 August 2008 pursuant to Rule 41 of the AIM Rules for Companies. At that time, the Company's shares will have been suspended from trading on AIM for a period of six months.
Since the Company disposed of its business and assets in 31 January 2007, the Board of Chariot has evaluated a number of potential opportunities, none of which have been suitable in light of the Company's investment policy nor, the Directors believe, in the best interests of its shareholders. Furthermore, the Board have worked on prospective transactions which have moved into the due diligence phase but subsequently been aborted following termination of discussions between the Board and the other respective parties. As a consequence the Company has been unable to make an acquisition or acquisitions which constitute a reverse takeover under rule 14 or otherwise implement the Company's investing strategy.
The Directors intend to continue to consider potential opportunities but consider that it is not possible for any potential transaction to be completed with sufficient time to enable the Company's trading facility with AIM to be maintained.
Accordingly, after careful consideration, the Board of Chariot has concluded that the interests of the Company and its shareholders will be best served if the Company pursued other opportunities as a private company with a view to effecting a transaction in line with the Company's investment strategy. As at 30 June 2008, the Board's estimated net cash balances were approximately £350,000 which will be utilised by the Board to implement the Company's investment strategy as a private company.
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