5 Dec 2017 13:06
Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement, this information is now considered to be in the public domain.
5 December 2017
Sovereign Mines of Africa PLC
("SMA" or "the Company")
Update on reverse takeover
On 29 September 2017, Sovereign Mines of Africa announced that it had signed a memorandum of understanding regarding the proposed acquisition of a specialist eyewear manufacturing business in India (the "Proposed Acquisition"). The Company regrets to announce that the Proposed Acquisition will now no longer be going ahead, as it proved impossible to manage the differing regulatory and tax requirements to the satisfaction of both parties and reach mutually acceptable terms.
Accordingly, the Company is now seeking other potential acquisitions that would constitute a reverse takeover under Rule 14 of the AIM Rules for Companies if completed (a "reverse takeover"). There can be no guarantee that such an acquisition will be found. The Company's shares were suspended from trading on AIM on 21 July 2017 and are due to be cancelled from trading on AIM six months after this date unless a reverse takeover is completed by then. The Company will provide further updates as soon as possible.
Enquiries:
SOVEREIGN MINES OF AFRICA PLC
Giles Clarke - c/o Camarco +44 20 3757 4980
ALLENBY CAPITAL - Nominated Adviser & Broker
Jeremy Porter / James Thomas / Asha Chotai +44 20 3328 5656
CAMARCO
Tom Huddart / Ginny Pulbrook / Billy Clegg +44 20 3757 4980