Intention to seek Relisting on LSE as a new applicant
Sirius Petroleum (AIM: SRSP), the Nigeria-focused oil and gas development and production company, announces the delisting of the Company’s ordinary shares from trading on AIM.
Trading in the Company’s shares was suspended on 25 February 2019 in contemplation of a transaction which was deemed to be a reverse takeover under AIM Rule 14. While the Company continues to work on this transaction and the proposed transaction referenced in the announcement of 21 June 2019, the Company requires additional time to complete the regulatory process which would have allowed its shares to resume trading following completion of the transaction pursuant to Aim Rule 14 requiring shareholder approval.
Pursuant to AIM Rule 41, the Exchange will cancel the admission of a company’s securities where trading in those securities has been suspended for more than six months. In the case of trading in the Company’s shares, the six-month period of suspension will end at 7.00am on 27 August 2019, when cancellation of admission of the Company’s securities will occur.
Intention to seek Relisting
The Company is continuing to develop its portfolio and will seek a relisting on the London Stock Exchange as a new applicant (rather than pursuant to Aim Rule 14) as soon as possible. The process of a reverse takeover requires the publication of an Admission Document and as such, a delisting is not a new obstacle, given that the Company will undertake to produce an Admission Document for the relisting as a new applicant on the London Stock Exchange, engaging in a regulatory process which is essentially the same as is required for a reverse takeover. There can be no guarantee either or both proposed transactions will complete in order to achieve this. The Company will update shareholders as and when it is appropriate to do so.
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