26 Jun 2014 07:00
26 June 2014
PME African Infrastructure Opportunities plc
("PME" or "the Company")
(AIM: PMEA.L)
Proposed Acquisition and Temporary Suspension of Shares
PME announces that it is currently in negotiations to acquire, through its subsidiary PME RSACO (Mauritius) Limited ("PME RSACO"), the remaining 50 per cent. of the issued share capital in Sheltam Holdings (Proprietary) Limited ("Sheltam") not currently owned by PME RSACO from Roy Puffett, the founder and managing director of Sheltam, and The Sheltam Rail Trust (together the "Vendors") together with certain shareholder loans made by the Vendors to Sheltam in consideration for the issue of new ordinary shares in PME ("Ordinary Shares") to the Vendors (the "Proposed Acquisition").
The Proposed Acquisition, if completed, would result in the cessation of the Company's current investing policy and will be considered a reverse takeover pursuant to Rule 14 of the AIM Rules for Companies requiring readmission of the shares of the Company to the AIM market of the London Stock Exchange. From readmission, the Company would continue as a trading company carrying on, through its subsidiaries, an African focussed transportation services business. Accordingly, completion of the Proposed Acquisition will be subject to, inter alia, the approval of shareholders in a general meeting and the publication of an admission document in respect of the enlarged entity following completion of the Proposed Acquisition (the "Admission Document").
The Proposed Acquisition is also subject to the approval of the South African Competition Commission ("SACC"). As part of the application for such approval, Sheltam is required to notify the trade unions that represent its employees of the Proposed Acquisition and SACC may consult other interested third parties regarding the Proposed Acquisition. Consequently, the Company has requested that trading in its ordinary shares be suspended with effect from 7:30 a.m. on 26 June 2014 pending the publication of the Admission Document.
Further details regarding the Proposed Acquisition will be set out in the Admission Document. However, the Proposed Acquisition remains under negotiation and is subject to certain conditions, and there is no certainty that it can be completed on the terms currently proposed or at all.
A further announcement regarding progress of the Proposed Acquisition will be made in due course.
For further information please contact:
Smith & Williamson Corporate Finance Limited
| Azhic Basirov / Ben Jeynes | +44 20 7131 4000 |
Oriel Securities Limited | Neil Winward / Tom Yeadon | +44 20 7710 7600 |