Tau Capital PLC Company Update (4359J)

TIDMTAU

RNS Number : 4359J

Tau Capital PLC

04 December 2018

4 December 2018

Tau Capital plc

("Tau" or the "Company")

Company Update

Further to the Company's announcement made on 18 October 2018, Tau announces that it has received expressions of interest from parties who are potentially interested in performing a reverse takeover under AIM Rule 14 with the Company. As a result, the Board has decided to extend the timeline for progressing discussions until 31 January 2019.

It should be noted that discussions with third parties regarding potential transactions are at an early stage and there can be no certainty that any transaction will occur or as to the terms of any such transaction, should a transaction be forthcoming. Accordingly, if none of the potential transactions are successfully concluded, the Board will then consider distributing substantially all of the Company's remaining cash not required to meet operating costs and liabilities and seek a cancellation of the admission to trading of the Company's shares on AIM in accordance with AIM rule 41. This would be followed by the appointment of a liquidator of the Company.

The Company is classified as an AIM Rule 15 cash shell and as such is required to make an acquisition or acquisitions which constitutes a reverse takeover under AIM Rule 14 or be re-admitted to trading on AIM as an investing company under the AIM Rules (which requires the raising of at least GBP6 million) on or before 18 April 2019, failing which trading in the Company's Ordinary Shares on AIM would be suspended pursuant to AIM Rule 40. Admission to trading on AIM would be cancelled six months after the date of suspension should the reason for the suspension not have been rectified.

Further announcements will be made in due course.

Further information, please contact:

 
 FIM Capital Limited 
  Philip Scales                         Tel: +44 (0) 1624 681250 
 
 Allenby Capital Limited (Nominated   Tel: +44 (0) 203 328 5656 
  Adviser and Joint Broker) 
  John Depasquale / Alex Brearley 
 
                                       Tel: +44 (0) 207 469 0933 
  Peterhouse Capital Limited (Joint 
  Broker) 
  Lucy Williams / Eran Zucker

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

UPDEAKALEANPFFF

(END) Dow Jones Newswires

December 04, 2018 11:31 ET (16:31 GMT)

Tau Capital (LSE:TAU)
Historical Stock Chart
From Feb 2025 to Mar 2025