16 Mar 2018 07:00
16 March 2018
Graphene NanoChem PLC
("Graphene NanoChem" or the "Group" or the "Company")
Update on Proposed Acquisition
Cancellation of trading on AIM
Graphene NanoChem (AIM:GRPH), the international provider of nanotechnology performance enhancing solutions for global industries, announces that pursuant to AIM Rule 1, the Company's shares will be cancelled from trading on AIM at 7:00 a.m. on 19 March 2018.As announced on 16 February 2018, the mutually agreed resignation of Panmure Gordon (UK) Limited ("Panmure") nominated adviser ("Nomad") and broker of the Company had taken effect.
Pursuant to Rule 1 of the AIM Rules, the Company had one month to appoint a replacement Nomad to prevent the admission of its AIM securities to be cancelled as it pursued the Proposed Acquisition (as defined in the announcement dated 30 November 2017).
Unfortunately, despite efforts of the existing Directors, the Company has not been able to secure the official appointment of a replacement Nomad within this timeframe.
The Company is pleased to report progress in advancing the Proposed Acquisition, including substantial work on the legal and financial due diligence. The Directors believe the Proposed Acquisition, if completed, would be transformational for the Company and its shareholders and will continue to work with their respective advisers to complete the necessary documentation to execute the Proposed Acquisition.
It is contemplated that upon completion of the Proposed Acquisition the Company will be undertaking an IPO, with a view to being admitted to trading on AIM in conjunction with the execution of a simultaneous fundraise, the proceeds of which are intended to be used to finance the development of the enlarged group going forward.
The Company is committed to completing the Proposed Acquisition and seeking admission to AIM as soon as practicable.
The board would like to take this opportunity to thank the Company's shareholders for their patience and will continue to update shareholders on the Company's website and via the RNS newswire on the Proposed Acquisition.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information:
Graphene NanoChem | Tel: +603 2282 3080 |
Jespal Deol, Chief Executive Officer |
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Yellow Jersey PR Limited (Media) | Tel: +44 (0) 7747 788 221 |
Charles Goodwin / Harriet Jackson |
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