Infinity Energy turns focus towards reverse takeover
Infinity Energy S.A
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13:44 13/04/18
Infinity Energy issues a strategy update to shareholders and the market on Wednesday, having recently raised £1.1m in equity from new and existing shareholders and converting its outstanding loan note into ordinary shares.
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The AIM-traded company confirmed that as a result, it has approximately £1m in available cash resources, in addition to its £0.15m investment in UK Methane, held through Gas Exploration Finance.
“At a board meeting of the Company held last week, it was decided that the company should cease its investment activities and instead to focus on completing a suitable reverse takeover transaction as soon as possible,” its board said in the update.
“In particular, the company is investigating a number of potential reverse takeover candidates in the oil and gas sector.”
As a result of the board decision, the company has now become an AIM Rule 15 cash shell, which means that it must make an acquisition or acquisitions which constitute a reverse takeover under Rule 14 of the AIM Rules by 12 October 2017, otherwise the trading of the company's shares on AIM will be suspended.
If the company has not made an acquisition or acquisitions which constitute a reverse takeover under Rule 14 of the AIM Rules within six months of such suspension, the admission of the company's shares to trading on AIM will be cancelled.