Acorn Minerals PLC Termination of discussions & lifting of suspension (9005L)
July 10 2014 - 2:00AM
UK Regulatory
TIDMACO
RNS Number : 9005L
Acorn Minerals PLC
10 July 2014
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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