Completion of Disposal

RNS Number : 5986P

Equatorial Palm Oil plc

11 June 2020

 

11 June 2020 

EQUATORIAL PALM OIL plc

("EPO" or the "Company")

Completion of Disposal

Equatorial Palm Oil plc (AIM: PAL) announces, further to the Company's announcements on 18 May 2020 and 9 June 2020, that the disposal by its wholly owned subsidiary, Equatorial Biofuels (Guernsey) Limited, of the Company's 50 per cent. interest in Liberian Palm Developments Limited to Kuala Lumpur Kepong Berhad (the "Disposal") has now completed.

Following completion of the Disposal, EPO has available cash resources of approximately £800,000, which will be utilised by the Company to pay transaction costs in respect of the Disposal and to provide general working capital as the Company seeks to identify a suitable reverse takeover transaction.

AIM Rule 15 Cash Shell Status

Pursuant to the successful completion of the Disposal, the Company is now deemed to be 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 (including seeking re-admission under the AIM Rules for Companies) within six months.  Alternatively, within such time period, the Company can seek to become an investing company pursuant to AIM Rule 8, which requires, inter alia, the raising of at least £6 million and publication of an admission document.  In the event that the Company does not complete a reverse takeover under AIM Rule 14 within such six month period or seek re-admission to trading on AIM as an investing company pursuant to AIM Rule 8 (either being, a "Re-admission Transaction"), the Company's common shares would be suspended from trading pursuant to AIM Rule 40. Thereafter, if a Re-admission Transaction has not been completed within a further six-month period, admission to trading on AIM of the Company's ordinary shares would be cancelled.

For further information, please visit www.epoil.co.uk or contact:

Equatorial Palm Oil plc Michael Frayne (Executive Chairman)	[phone]
Strand Hanson Limited (Nominated Adviser) James Harris / James Bellman	[phone]
Mirabaud Securities Limited (Broker) Peter Krens	[phone]

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

 

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