Glenwick suspends shares ahead of expected reverse takeover deal

23rd May 2016 10:24

(ShareCast News) - Cash shell Glenwick has suspended trading of its shares as it nears its much-anticipated reverse takeover in the natural resources sector.The suspension request was made by the company from 1020 BST on Monday, pending an announcement.In March, management raised £0.5m from investors adding to the £0.57m that was on the balance sheet at the end of last year.The exact nature of the anticipated acquisition might be guessed by two consultants Glenwick hired that month: geologist Dr Jacob Poll, a specialist in petroleum exploration; and petroleum reservoir engineering consultant Joanne Kendrick.Glenwick has stated that it has been seeking to acquire on-shore oil businesses in Australasia and North America but has widened its horizons to consider other regions in the search for potential positive returns, including Turkey.The company's present guise under Aussie chairman Cameron Pearce was born in November with a change of name from Treveria and a new direction from property investing after the sale of its two subsidiaries for roughly €17m and a payment to investors of 3.512 euro cents per share at the end of October, amounting to €21.25m in total. A reverse takeover under rule 14 of the AIM rules will require shareholder approval.