Leed Resources looks set for AIM suspension

Natural resource investing company Leed Resources said it was unlikely that a reserve takeover deal could be done in time to avoid the stock being suspended from AIM.

Notwithstanding its existing investment of A$1.68m by way of loan notes in Battalion International Limited, Leed said it was unlikely to have completed an acquisition or acquisitions constituting a reverse takeover by 12 February, the date by which it needs to do so under AIM rules.

Still, Leed said it was “reasonably confident” it would be able to make an acquisition or acquisitions which constitute a reverse takeover within six months from the date of suspension.

If it is not able to do so, its shares will be cancelled from trading on AIM.

At 1052 GMT, Leed Resources shares were down 49% to 0.02p.