Vintana PLC Company update and statement re annual results (1343R)
June 25 2020 - 11:40AM
UK Regulatory
TIDMVITA
RNS Number : 1343R
Vintana PLC
25 June 2020
Vintana plc
("Vintana" or the "Company")
Company update and statement re annual results
Vintana plc provides an update on the Company's pursuit of a
reverse takeover pursuant to AIM Rule 14 ("Reverse Takeover"), its
financial position and the timing for publication of its annual
report and accounts for the year ended 31 December 2019 ("2019
Accounts").
Reverse Takeover discussions
The Company's ordinary shares were suspended from trading on AIM
on 9 March 2020. The Company is required to conclude an acquisition
which constitutes a Reverse Takeover within six months of the
suspension date, otherwise the Company's shares will be cancelled
from trading on AIM (the "Cancellation Date").
On 9 March 2020, the Company announced that it was in advanced
discussions as to the indicative terms of a transaction with a
potential acquisition target in the natural resources sector which,
if successfully concluded, would constitute a Reverse Takeover.
During the extremely challenging period caused by COVID-19, the
Company has experienced some difficulties and delays in progressing
these discussions. However, these discussions remain ongoing.
The board of Vintana ("Board") remains committed to completing a
transaction, however, it is of the view that it will now not be
possible to conclude a Reverse Takeover prior to the Cancellation
Date. The Company notes the guidance provided by AIM Regulation in
Inside AIM on 20 March 2020 in relation to temporary coronavirus
measures, which included the provision, at AIM Regulation's
discretion, to extend the deadline by which AIM companies are
required to resolve the reason for suspension pursuant to AIM Rule
41. The Board will assess whether to seek an extension to the
Cancellation Date in accordance with this guidance but notes that
there can be no guarantee that such an extension would be
granted.
Update on financial position
The Company's cash position as at 24 June 2020 was c. GBP85,000.
These funds will not provide the Company with sufficient financial
resources to conclude a Reverse Takeover. Therefore, the Company
would be required to raise additional capital in advance of
concluding a Reverse Takeover or seeking an extension to the
Cancellation Date. The Board is currently looking into a number of
possibilities to raise capital for the Company. In the absence of
raising additional funds and based on the Company's current cash
flow projections, the Company has sufficient cash resources to
continue to meet its liabilities until September 2020.
Statement re annual results
Due to the impact the COVID-19 pandemic has had on the ability
to complete its audit, the Company will not be in a position to
finalise the publication of its 2019 Accounts by 30 June 2020. The
Company will seek to publish these results as soon as possible and,
in any event, prior to or at the time of publication of an
admission document in respect of any Reverse Takeover.
Further updates will be provided in due course.
For further information:
Vintana plc
Mike Neville, Non-Executive Chairman Tel: +44 (0)207 193 8388
Sam Malin, Executive Director investors@vintana.uk
Allenby Capital Limited (Nominated
Adviser)
James Reeve/James Hornigold Tel: +44 (0) 20 3328 5656
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END
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