Tau Capital shares suspended as firm fails to come up with reverse takeover

23rd Apr 2019 15:38

(Sharecast News) - Tau Capital confirmed on Tuesday that trading in its ordinary shares on AIM was suspended with effect from 0730 BST.The firm had previously indicated that it was classified as an AIM Rule 15 cash shell, and as such, was required to make an acquisition or acquisitions which constitutes a reverse takeover under AIM Rule 14 or be readmitted to trading on AIM as an investing company under the AIM Rules - which required the raising of at least £6m - on or before the date falling six months from 18 October.Failing that, the its shares would then be suspended from trading on AIM imder AIM Rule 40, which occurred on Tuesday morning."Trading in the company's ordinary shares will remain suspended until the completion of a reverse takeover, which requires the publication of an admission document and the approval of such a transaction at a general meeting of the company, or the company is re-admitted to trading on AIM as an investing company under the AIM Rules," the board said in its statement."If no such transaction is completed within six months the company's shares will be cancelled from trading on AIM pursuant to AIM Rule 41."