Equatorial Palm Oil plc Response to Share Price Movement (2573Y)
September 07 2020 - 8:01AM
UK Regulatory
TIDMPAL
RNS Number : 2573Y
Equatorial Palm Oil plc
07 September 2020
7 September 2020
EQUATORIAL PALM OIL plc
("EPO" or the "Company")
Response to share price movement
The Board of Equatorial Palm Oil plc (AIM:PAL), notes the
movement in the Company's share price over recent days, and the
significant volume of trades today.
On 20 August 2020 the Company announced that it had
conditionally raised gross proceeds of GBP400,000 via a placing
("Placing") of 100 million ordinary shares ("Placing Shares") at
0.4 pence per share.
The Placing is conditional, inter alia, on the passing of
resolutions to approve a capital reorganisation and the Placing by
shareholders at a general meeting, to be held at 10.00 a.m. on 8
September 2020. If the resolutions are passed, the capital
reorganisation becomes effective at 6.00 p.m. on 8 September 2020,
and admission of the Placing Shares to trading on AIM is expected
to occur on or about 8.00 a.m. on 10 September 2020.
A circular, containing further details with respect to the
Placing and the notice of General Meeti ng has been posted to
shareholders and is available on the Company's website (
www.epoil.co.uk ).
The Company intends to use the proceeds of the Placing to
explore corporate opportunities and for working capital
generally.
Nearly 3 months has elapsed since 10 June 2020 when the Company
became an AIM Rule 15 cash shell. As such, it 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 of that date.
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 https://www.epoil.co.uk/ or contact:
Equatorial Palm Oil plc +44 (0) 20 7268
Michael Frayne (Executive Chairman) 4874
SPARK Advisory Partners Limited (Nominated
Adviser)
Neil Baldwin +44 (203) 368 3550
Mirabaud Securities Limited (J oint Broker) +44 (0) 20 7484
Peter Krens 3510
Brandon Hill Capital Limited (Joint Broker) +44 (0) 20 3463
Jonathan Evans/Oliver Stansfield 5000
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END
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