Infinity Energy confirms details of its main market aspirations

Infinity Energy updated the market on its intention to apply for a standard listing on the London Stock Exchange’s main market on Friday, which it initially announced on 2 February.

The AIM-traded company said it wanted to clarify to shareholders that, as part of the admission process, the intention of the board was to complete a transaction as part of a simultaneous listing.

It confirmed it was in advanced discussions to acquire a stake in a company which holds several onshore oil and gas exploration licences in the United Kingdom.

“Shareholders should note that admission to the official list and trading on the standard segment of the London Stock Exchange's main market for listed securities is subject to the approval of the UK Listing Authority and the exchange,” the company’s board said in a statement.

“Shareholders should be aware that there can be no certainty that the company will be able to successfully list on the standard segment of the London Stock Exchange.

“Furthermore, the acquisition of the stake mentioned above will be subject to admission.”

It said that further announcements would be made in due course.

In the meantime, the company said its shares would continue to be admitted to trading on AIM.

“However, as the company is an AIM Rule 15 cash shell, [it] will have to make an acquisition or acquisitions which constitute a reverse takeover under Rule 14 of the AIM Rules by 12 April, otherwise the admission of the company's shares to trading on AIM will be cancelled.”