Amala Foods PLC Corporate Update (7225W)
19 Aprile 2023 - 8:00AM
UK Regulatory
TIDMDISH
RNS Number : 7225W
Amala Foods PLC
19 April 2023
Amala Foods Plc
( " Amala " or the " Company")
Corporate Update
Amala Foods Plc (LON: DISH), a shell company, is pleased to
provide a Corporate Update.
The Directors of the Company are pleased to confirm that the
shares of the Company have been re-admitted to trading on the
Standard Segment to the Main Market.
Further to the update of 17 March 2023, the Company has received
confirmation prior to the suspension being lifted that the Company
is "grandfathered" under the regime change so that, provided a
reverse takeover is subject to eligibility and prospectus review
and approval prior to 1 December 2023, that such reverse takeover
can complete with a market capitalisation for the enlarged share
capital of the Company of less than GBP30,000,000 (thirty million
pounds).
As detailed in the previous corporate update, the Company has
retained capital to undertake a reverse takeover and has ensured
steps are taken to reduce working capital expenditures at this time
including the Directors having agreed not to accrue nor receive any
remuneration until a reverse takeover.
The Company has also added Ms Celia Li to the Directors with her
expertise and experience with overseas investments and
investors.
The Directors are currently exploring a number of reverse
takeover opportunities and hope to produce a shortlist in the
coming weeks. The Directors are targeting concluding heads of terms
of a preferred target by the late Summer which will trigger a
suspension of the shares in accordance with the Listing Rules.
Whilst there can be no assurances that a reverse takeover target
will be identified, nor that a transaction can be concluded by 1
December 2023 so that eligibility and prospectus review can be
completed by the FCA, the Directors are working hard to achieve
these goals for the benefit for the shareholders and other
stakeholders in the Company.
The Directors look forward to providing a further update in due
course.
Furthermore, the Company has issued 23,299,314 shares at a price
of GBP0.00344 per share to a creditor to reduce outstanding
liabilities by GBP80,149.64.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014
("MAR").
Enquiries:
Jonathan Morley-Kirk, Non-Executive Chairman
jmk@bluebirdmv.com
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END
UPDUKSVROOUSARR
(END) Dow Jones Newswires
April 19, 2023 02:00 ET (06:00 GMT)
Grafico Azioni Amala Foods (LSE:DISH)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni Amala Foods (LSE:DISH)
Storico
Da Ott 2023 a Ott 2024