Alpha Returns securities suspended as it fails to secure nominated adviser
British investment company Alpha Returns announced on Tuesday that it had received proposals for an injection of capital from its brokers, but was still facing serious issues regarding its nominated adviser.
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The proposals included an open offer to existing shareholders intended to take place concurrently with a restructuring of Alpha's existing investments, the broadening of its geographical focus to incorporate Europe, and several changes and appointments to the group's board.
Alpha, which informed investors on 18 October that Beaumont Cornish would take over from ZAI Corporate Finance as its nominated adviser, advised that the former had failed to finalise its due diligence by the LSE's deadline of 19 December, and warned that pursuant to AIM Rule 1, the company's AIM securities would be suspended, and that if within one month of the suspension date it had failed to secure a nominated adviser, its securities would be cancelled.
Alpha said, "The Company is evaluating the proposals with its advisers, including Beaumont Cornish Limited, and would hope to be in a position to announce further developments in the New Year."
As of 1645 GMT, shares had retreated 18.00% to 0.410p.