Equatorial Palm Oil plc Completion of Disposal (5986P)
June 11 2020 - 1:00AM
UK Regulatory
TIDMPAL
RNS Number : 5986P
Equatorial Palm Oil plc
11 June 2020
11 June 2020
EQUATORIAL PALM OIL plc
("EPO" or the "Company")
Completion of Disposal
Equatorial Palm Oil plc (AIM: PAL) announces, further to the
Company's announcements on 18 May 2020 and 9 June 2020, that the
disposal by its wholly owned subsidiary, Equatorial Biofuels
(Guernsey) Limited, of the Company's 50 per cent. interest in
Liberian Palm Developments Limited to Kuala Lumpur Kepong Berhad
(the "Disposal") has now completed.
Following completion of the Disposal, EPO has available cash
resources of approximately GBP800,000, which will be utilised by
the Company to pay transaction costs in respect of the Disposal and
to provide general working capital as the Company seeks to identify
a suitable reverse takeover transaction.
AIM Rule 15 Cash Shell Status
Pursuant to the successful completion of the Disposal, the
Company is now deemed to be an AIM Rule 15 cash shell and, as such,
is required to make an acquisition, or acquisitions, which
constitutes a reverse takeover under AIM Rule 14 (including seeking
re-admission under the AIM Rules for Companies) within six months.
Alternatively, within such time period, the Company can seek to
become an investing company pursuant to AIM Rule 8, which requires,
inter alia, the raising of at least GBP6 million and publication of
an admission document. In the event that the Company does not
complete a reverse takeover under AIM Rule 14 within such six month
period or seek re-admission to trading on AIM as an investing
company pursuant to AIM Rule 8 (either being, a "Re-admission
Transaction"), the Company's common shares would be suspended from
trading pursuant to AIM Rule 40. Thereafter, if a Re-admission
Transaction has not been completed within a further six-month
period, admission to trading on AIM of the Company's ordinary
shares would be cancelled.
For further information, please visit www.epoil.co.uk or
contact:
Equatorial Palm Oil plc +44 (0) 20 7268
Michael Frayne (Executive Chairman) 4874
Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409
James Harris / James Bellman 3494
Mirabaud Securities Limited (Broker) +44 (0) 20 7484
Peter Krens 3510
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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