Statement re. Suspension

 

TIDMCEVO 
 
RNS Number : 5060K 
China Evoline PLC 
21 April 2010 
 

China Evoline PLC 
 
Suspension of Ordinary Shares 
 
21 April 2010 
 
As detailed in the interim results announced on 15 February 2010, under the AIM 
Rules the Company was required to make a substantial acquisition (which would be 
regarded as a reverse takeover) by 21 April 2010, being twelve months from the 
date of the 2009 AGM, or trading in the Company's ordinary shares would be 
suspended. 
 
Whilst the Directors have evaluated a number of potential investment 
opportunities, none have been suitable to be put to shareholders for approval. 
As a result, trading in the Company's ordinary shares has been suspended with 
immediate effect. If no transaction is achieved by the Company within a further 
six months, being by 21 October 2010, the London Stock Exchange will cancel 
admission of the shares on AIM. 
 
The Directors are pursuing a number of investment opportunities which they are 
hopeful will result in an acquisition being completed by October 2010. 
 
If the Company successfully identifies a suitable investment opportunity, the 
ability to continue as a going concern will depend on being able to raise the 
necessary finance in order to fund the appropriate due diligence and purchase 
price consideration and being able to successfully integrate the target into the 
Group so as to generate cash in the future. 
 
If the Company fails to secure any additional finance, the Company will be 
unable to continue as a going concern as it will have insufficient funds to 
trade after twelve months.  The ability of the Company to continue as a going 
concern is dependent on continued financial support of the majority shareholder. 
 
For further information please contact: 
 
China Evoline plc 
Frank Lewis, Chairman 
[phone] 
 
Fairfax I.S. PLC 
Nominated Adviser and Broker 
Katy Birkin/Laura Littley 
[phone] 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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