21 Jul 2017 07:35
21 July 2017
Sovereign Mines of Africa PLC
("SMA" or "the Company")
Suspension of shares
Sovereign Mines of Africa confirms that trading in the Company's shares has been suspended. The Company is currently deemed a cash shell under AIM Rule 15, pursuant to which it is required to make an acquisition which constitutes a reverse takeover under AIM Rule 14, failing which the Exchange will suspend trading in the Company's shares pursuant to AIM Rule 40. As previously notified suspension of trading in the Company's shares was scheduled for today, 21 July 2017.
Having previously pursued a wider strategy of targeting assets in a number of sectors, the Company is now pursuing a more targeted strategy, including pursuing acquisitions in the Indian consumer goods sector. The Board is in discussions with another party about a possible transaction which would under the AIM rules constitute a reverse takeover of the Company.
Shareholders are advised that there can be no certainty that the discussions between the parties will lead to any agreement concerning the possible transaction or as to the timing or terms of any such transaction and there can be no assurance that, even if agreement is reached, any such transaction would be completed. A further update will be provided to shareholders in due course.
Trading in the Company's shares will remain suspended until publication of a re-admission document and the approval of any transaction at a general meeting of the Company. If no transaction is completed the Company's shares are scheduled to be cancelled from trading on AIM on 21 January 2018 pursuant to AIM Rule 41.
Enquiries:
SOVEREIGN MINES OF AFRICA PLC
Giles Clarke - c/o Camarco +44 20 3757 6983
SHORE CAPITAL - NOMINATED ADVISER & BROKER
Toby Gibbs / Jerry Keen +44 207 408 4090
CAMARCO
Tom Huddart / Ginny Pulbrook / Billy Clegg +44 20 3757 6983