Leed Resources expects to complete deal but too late to save AIM listing

Shell company Leed Resources said its shares will be cancelled from AIM trading on Tuesday but it still hoping to complete a reverse takeover of High Mannor, a Western Australian maker of limestone retaining walls.

The cancellation of the company's shares is due to the board's failure to complete a deal within the time limits stated in the AIM rules for companies, having been suspended for the maximum of six months, but Leed said it will enabe its shares to be traded on an online matched-bargain auction facility.

Leed plans to take up its option to acquire Battalion International, the majority shareholder in High Mannor and in which Leed holds AU$1.68m of convertible loan notes after a comprehensive restructuring of the ownership and debt of High Mannor.

As a result of the restructuring, Leed is expected to become the largest shareholder of Battalion, and hence HM’s Australian operations.

"Internally at HM, changes have been implemented which have turned HM into a much more focussed and efficient company. The work that the new acting managing director, Mr Tony Cammarano, has instigated has improved many aspects of the business and highlighted other business opportunities. Your Board is therefore confident that the steps being taken will, in the longer term, provide a good base from which the HM business can prosper, should the necessary restructuring of HM proceed."