21 Jan 2016 07:30
21 January 2016
Eco City Vehicles PLC
("ECV" or the "Company")
Suspension of Trading in Shares
On 30 December 2015 the Company announced that it had successfully concluded a share subscription raising a total of £5,000,000 from existing as well as new institutional shareholders, the latter included MXC Capital Limited ("MXC"), the quoted merchant bank (AIM: MXCP) that specialises in investing in technology companies. MXC was also retained as an advisor to help the Company identify and evaluate investment opportunities and appointed one of its representatives to the board of directors of ECV.
On 20 January 2015 the Company became an Investing Company (as defined in the AIM Rules for Companies (the "AIM Rules")) following the approval of the Company's Investing Policy (as defined in the AIM Rules) at a general meeting of shareholders. Since no acquisition or acquisitions constituting a reverse takeover under the AIM Rules have been concluded in the interim period, neither has the Company otherwise implemented its Investing Policy to the satisfaction of AIM, the Company's ordinary shares of 1 pence each (the "Ordinary Shares") will be suspended from trading on AIM with effect from 07:30 today (the "Suspension"). If the Company's Investing Policy has not been implemented within 6 months of the Suspension admission of the Ordinary Shares to trading on AIM will be cancelled.
In line with the Company's Investing Policy, MXC is focused on Technology, Media and Telecommunications investments, has a pipeline of opportunities as well as a strong track record of executing transactions in the public markets, with an existing portfolio of five other quoted companies. Most recently, MXC become lead investor and advisor to Castle Street Investments plc on its £30,000,000 fundraising and acquisition. Notwithstanding the Suspension therefore, the directors of ECV remain confident in the Company's ability to complete a transaction by 20 July 2016.
Enquiries:
Eco City Vehicles PLC
John Swingewood, Director +44 1444 440 359
Allenby Capital (Nomad and Broker)
Nick Harriss/John Depasquale +44 20 3328 5656