9 Mar 2020 07:30
9 March 2020
Vintana plc
("Vintana" or the "Company")
Statement re suspension and company update
Vintana plc provides the following update on the Company's activities over the past six months.
Following the disposal of its operating subsidiary, Cellcast Limited, on 6 September 2019 (the "Disposal"), the Company is classified as an AIM Rule 15 Cash Shell. As such, it was required to make an acquisition or acquisitions which constitutes a reverse takeover under AIM Rule 14 ("Reverse Takeover") or be re-admitted to trading on AIM as an investing company under the AIM Rules on or before the date falling six months from the date of the Disposal.
The Directors of the Company have been pursuing a number of opportunities over the past six months which, should they have completed, would have constituted a Reverse Takeover. Unfortunately, none of these discussions have come to fruition. The Company is currently in advanced discussions as to the indicative terms of a transaction with a potential acquisition target in the natural resources sector which, if successfully concluded, would constitute a Reverse Takeover. The Directors are hopeful that a transaction would be able to be concluded within the next six months, however, there can be no guarantee that this will be achievable.
As a result of the Company failing to complete a Reverse Takeover in the requisite time period, the Company's ordinary shares ("Ordinary Shares") have been suspended from trading on AIM at 7:30 a.m. today pursuant to AIM Rule 15. Trading in the Ordinary Shares will remain suspended until such time that Company completes a Reverse Takeover, which will require the publication of an admission document and the approval of such a transaction at a general meeting of the Company, or the Company is re-admitted to trading on AIM as an investing company under the AIM Rules. If no such transaction is completed within six months of today's date, the Ordinary Shares will be cancelled from trading on AIM pursuant to AIM Rule 41.
Further Company announcements will be made in due course at the appropriate time.
For further information:
Vintana plc | |
Mike Neville, Non-Executive Chairman Sam Malin, Executive Director | Tel: +44 (0)207 193 8388 investors@vintana.uk |
Allenby Capital Limited (Nominated Adviser) | |
Nick Naylor/James Reeve | Tel: +44 (0) 20 3328 5656 |