10 Jul 2014 07:00
10 July 2014
Acorn Minerals Plc
("Acorn" or "the Company")
Termination of discussions and lifting of suspension
On 23 April 2014, Acorn announced that a conditional agreement had been reached with certain shareholders in Gulf Energy Limited ("Gulf"), as part of a broader offer to acquire the entire issued share capital of Gulf ("Acquisition"). The proposed takeover was expected to have constituted a reverse takeover in accordance with Listing Rule 5.6, and the Company's ordinary shares of 2p each were suspended from trading with effect from 23 April 2014.
Having carried out extensive work in relation to the Acquisition, not all of the conditions as set out in the conditional agreement have been met. As a result, the board of Acorn has, regrettably, reached the conclusion that Acorn should not proceed with the Acquisition. Discussions with Gulf and its shareholders in relation to the Acquisition have now ended.
Accordingly, Acorn has requested that the suspension of trading in the Company's ordinary shares on the Standard Segment of the Official List and the Main Market of the London Stock Exchange be lifted. Trading will re-commence at 7:30 a.m. today, 10 July 2014.
Acorn continues to explore acquisition opportunities in line with its business plan and strategy.
For further information please contact:
Anthony Brennan, Executive Chairman, +618 9322 5944 http://www.acornminerals.com