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Graphene NanoChem shares to be cancelled from trading as it pursues acquisition
Nanotechnology performance-enhancing solutions provider Graphene NanoChem announced on Friday that, pursuant to AIM Rule 1, its shares would be cancelled from trading on AIM at 0700 GMT on Monday, 19 March.
The AIM-traded company had announced on 16 February that, under a mutual agreement, its nominated adviser and broker Panmure Gordon had resigned/
Under the AIM Rules, the company had one month to appoint a replacement nominated adviser to prevent the admission of its AIM securities to be cancelled, as it pursued the proposed acquisition it initially signalled on 30 November last year.
"Unfortunately, despite efforts of the existing directors, the company has not been able to secure the official appointment of a replacement nominated adviser within this timeframe," the board said in its statement.
It did, however, report progress in advancing its proposed acquisition, including substantial work on the legal and financial due diligence.
"The directors believe the proposed acquisition, if completed, would be transformational for the company and its shareholders, and will continue to work with their respective advisers to complete the necessary documentation to execute the proposed acquisition.
It is contemplated that upon completion of the proposed acquisition, the company will be undertaking an IPO, with a view to being admitted to trading on AIM in conjunction with the execution of a simultaneous fundraise, the proceeds of which are intended to be used to finance the development of the enlarged group going forward."
Graphene NanoChem said it was committed to completing the acquisition and seeking admission to AIM as soon as practicable.