Source - RNS
RNS Number : 5493L
Tricor PLC
03 October 2016
 

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 ("MAR").

 

Tricor plc

("Tricor" or the "Company")

 

Completion of disposal and new operating agreements

 

Tricor plc (AIM: TRIC) announces that following the Company's announcement of 2 September 2016 and subsequent announcement of 30 September 2016, the Company has today signed Settlement Agreement 1 and Settlement Agreement 2, as detailed in the Company's circular, published on 5 September 2016.  Accordingly, the disposal of the plant and equipment of Tricor Minerals Pte Ltd to KGGD Pte Ltd and the new operating arrangements between Tricor Environmental Pte Ltd and KGGD Pte Ltd are now complete and the Company is now classified as an AIM Rule 15 cash shell pursuant to Rule 15 of the AIM Rules for Companies ("AIM Rules"). 

The Company will be required to make an acquisition or acquisitions which constitute a reverse takeover transaction under the AIM Rules within six months of becoming an AIM Rule 15 cash shell (which will be deemed to be the date of completion of the Disposal) or be re-admitted to trading on AIM as an investing company under the AIM Rules (which requires the raising of at least £6 million), failing which, the Company's ordinary shares would then be suspended from trading on AIM. After six months of suspension, the Company's Ordinary Shares would then be cancelled from trading on AIM.

 

The Company is currently in ongoing discussions with a number of potential reverse takeover targets. The Board believes that there is a reasonable chance that the Company will undertake a reverse takeover within the permitted six-month timeframe. Consequently, at this time, the Board does not have plans to re-admit the Company to trading on AIM as an investing company.

 

The Company will make further announcements as appropriate.

 

Enquiries:

 

Tricor plc

Chan Fook Meng

CEO

 

+65 6236 2985

 

Allenby Capital Ltd (Nominated Adviser & Broker)

John Depasquale/Richard Short

+44 (0) 20 3328 5656

 

 


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