22 May 2017 15:31
22 May 2017
Pembridge Resources plc
("Pembridge" or "the Company")
Statement re AIM listing
Pembridge Resources plc (LON: PERE), the AIM listed natural resource exploration and development company, announces that it will no longer be seeking to complete a reverse takeover or re-list as an AIM Rule 8 Investing Company as stated in previous announcements. The Board has decided that it will instead pursue a London Stock Exchange ("LSE") standard listing over the coming weeks.
This decision has been taken for a number of reasons associated with the rationale underpinning the nature of the investments that the Company might seek to make and the strict financial criteria for becoming an AIM Rule 8 Investing Company (which excludes certain non-equity commitments which the Company may wish to include in its capital structure).
As previously announced, shareholders should be aware that the Company will be suspended from trading on AIM six months after it became a Rule 15 Investing Company (14 December 2016) unless it is able to complete an RTO or convert into an AIM Rule 8 Investing Company ahead of that time. The Directors are of the opinion that it is unlikely that the move to the standard segment of the LSE will complete before that deadline and that consequently it is likely that the Company will be suspended from trading on AIM once the six month deadline expires.
Admission to the Official List and trading on the standard segment of the London Stock Exchange's main market for listed securities requires a number of regulatory approvals and approval of the UK Listing Authority. Shareholders should be aware that there can be no certainty that the Company will be able to successfully list on the standard segment of the London Stock Exchange.
David Linsley, Chief Executive Officer, commented:
'We are pleased to announce that Pembridge Resources will be seeking an LSE standard listing. Given the unique strategy being pursued by Pembridge we feel that an LSE standard listing will be more in line with our strategic objectives and ultimately more advantageous to the company and our shareholders."
Further announcements will follow in due course.
For further information on the Company, visit: http://www.pembridgeresources.com/.
Pembridge Resources PLC David Linsley, Chief Executive Officer
| T: +44 (0)203 778 0655 |
SPARK Advisory Partners - Nominated Adviser Sean Wyndham-Quin Neil Baldwin
| T: +44 (0) 2033 683 555
www.sparkadvisorypartners.com |
Shard Capital - Joint Broker Damon Heath
SI Capital Limited - Joint Broker Nick Emerson Andy Thacker
| T: +44 (0) 20 7186 9900
T: +44 (0) 1483 413 500 |
Beaufort Securities Limited - Joint BrokerZoe Alexander | T: +44 (0) 207 382 8300 |