Tau Capital prepares shareholders for probable delisting from AIM
Tau Capital updated the market on the prospective cancellation of its ordinary shares from trading on AIM on Tuesday.
The company had completed the disposal of its indirect interest in Stopharm on 18 October 2018, following which it was classified as an AIM rule 15 cash shell.
Suspension of trading in its ordinary shares occurred on 23 April, as the firm had not made an acquisition which constituted a reverse takeover under AIM rule 14, or been re-admitted to trading on AIM as an investing company under the AIM rules.
As it had previously announced, following suspension on 23 April, if neither a reverse takeover nor re-admission to trading on AIM as an investing company under the rules was completed within six months of the date of suspension, then the ordinary shares would be cancelled from trading on AIM under AIM rule 41.
“As noted in the company's interim results for the six months ended 30 June 2019, the company has reviewed a number of potential opportunities for a reverse takeover - negotiations on several of which are continuing to progress,” the board said in its statement.
“Nevertheless, on the basis that neither a reverse takeover nor re-admission to trading on AIM as an investing company under the AIM rules is likely to be completed by 23 October, cancellation of the admission to trading of the ordinary shares on AIM is expected to take effect from 0700 BST on 24 October.”
The Tau Capital board said it was considering a number of possibilities for the company, which included a potential application for the ordinary shares to be admitted to trading on AIM at a later point in time, or applying for admission to a different exchange.