Source - RNS
RNS Number : 4722I
Glenwick PLC
31 August 2016

31 August 2016

Glenwick plc

("Glenwick" the "Company")



Update on Investment Policy and Suspension


On 3 September 2015, the Company announced the sale of its entire interest in its subsidiaries for approximately €17 million. Due to the sale of these assets the Company became an Investing Company under Rule 15 of the AIM Rules for Companies (the "AIM Rules") on that date.

On becoming an Investing Company, the Company was required to make an acquisition or acquisitions which constitute a reverse takeover under the AIM Rules or otherwise implement its investing policy within 12 months. If this condition is not fulfilled by 7.30am on 6 September 2016 (the first working day after the anniversary), trading in the Company's shares on AIM will be suspended pursuant to Rule 40 of the AIM Rules. If trading in the Company's shares remains suspended for a period of 6 months from the date of suspension, then trading in the Company's shares on AIM will be cancelled. 

A new investing policy was approved by shareholders at the extraordinary general meeting held on 18 December 2015, pursuant to which the Company was mandated to make an acquisition or acquisitions in the natural resources sector which constitute a reverse takeover under Rule 14 of the AIM Rules.

The Company has reviewed and is currently in the process of reviewing various projects and opportunities in the natural resources sector. Although no decisions have been made as yet, the Company is hopeful of concluding a transaction, but this process remains at an early stage and will not be concluded by 7:30 am on 6 September 2016, and thus the Company anticipates that trading of its shares on AIM will be suspended at that time.

As of 30 August 2016 the Company holds cash balances of approximately £1,185,000, which equates to 0.05 pence per share.

For further information, please contact: 

Glenwick Plc c/o FIM Capital Limited

Graham Smith


+44 1624 681 250

Allenby Capital Limited (Nominated Adviser and Joint-Broker)

John Depasquale / Nick Harriss


+44 203 328 5656


Peterhouse Corporate Finance Limited (Joint-Broker)

Lucy Williams / Heena Karani

+44 207 469 0933


This information is provided by RNS
The company news service from the London Stock Exchange