Amala Foods PLC Corporate Update
17 Marzo 2023 - 09:00AM
UK Regulatory (RNS & others)
RNS Number : 3446T
Amala Foods PLC
17 March 2023
Amala Foods Plc
( " Amala " or the " Company")
Amala Foods Plc (LON: DISH), a suspended Main Market listed
shell company, is pleased to provide a Corporate Update.
-- Termination of the proposed transaction with Terra Rara UK Ltd;
-- Appointment of Celia Li to the Board of Directors;
-- New funding of GBP405,000 raised through the subscription of Convertible Loan Notes (CLN);
-- Publication of Annual Financial Report expected at the end of March.
The Company has terminated the proposed transaction with Terra
Rara UK Ltd ("Terra Rara"). This decision was taken due to
identified administrative issues relating to some of the mining
assets of Terra Rara following further due diligence. Terra Rara
are seeking to develop mining exploration assets in two countries
in Africa, where due diligence is lengthy and complex. The Company
is pursuing the return of $125,000 due from Terra Rara. The Company
hopes that Terra Rara are able to monetise their Rare Earth
Elements (REE) assets in due course.
The Company has appointed with immediate effect, Celia Li to the
Board as a Non-Executive Director.
Ms Li is executive director of Drylab Media Tech Group Plc as
their Chief Marketing Officer and is an international media
executive and renowned TV presenter for the world's largest
independent Chinese TV broadcaster Phoenix Satellite Television
Holdings Ltd. Ms Li set up Phoenix TV's European news division in
2004 where she heads the news team. Ms Li also has extensive
experience in marketing and investor relations. She has built up
during the past 15 years substantial relationships with both
corporates and investors across Asia, Europe and North America.
Furthermore, the Company is pleased to announce that new funding
of GBP405,000 has been raised through the subscription of
Convertible Loan Notes. The CLNs carry zero interest and will
convert at Re-admission upon a Reverse Takeover at a 50% discount
to the Re-admission price. A Director, Aidan Bishop has also
subscribed to GBP40,000 of the CLN.
The board have removed non-essential costs during the period of
suspension and the directors are not receiving any remuneration
both prior to and during the period of suspension. Accordingly, the
board are confident that the proceeds of the CLN provide sufficient
capital to ensure that the Company is well prepared to undertake a
reverse takeover once a target has been identified.
The Company now expects to publish its Annual Financial Report
at the end of this month. The delays have been largely due to the
busy season and resourcing challenges faced by the Company's
auditors. Upon publication, the Company will make application to
restore the listing to the Main Market.
The Company is now actively seeking to identify new
opportunities to generate value for shareholders and with having
secured new funding in line with the CLNs, the Directors look
forward to updating the market in due course.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014
Jonathan Morley-Kirk, Non-Executive Chairman
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(END) Dow Jones Newswires
March 17, 2023 04:00 ET (08:00 GMT)
Grafico Azioni Amala Foods (LSE:DISH)
Da Mag 2023 a Giu 2023
Grafico Azioni Amala Foods (LSE:DISH)
Da Giu 2022 a Giu 2023