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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Emmit | LSE:EMT | London | Ordinary Share | GB00BFN09H12 | ORD 0.001P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 97.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMEMT
RNS Number : 5694K
Emmit PLC
17 April 2015
Emmit PLC
17 April 2015
Update on proposed acquisition of Ximax, and notice of cancellation of Admission to trading on AIM
Further to its most recent announcement on 13 January 2015, the Company provides an update to shareholders and the market.
Investments
Emmit currently holds two investments: a 25% shareholding in Ximax Oil & Gas Solutions Limited ("XOG"), and a 20% shareholding in Ximax Environmental Limited ("XEL"), (which has recently acquired 100% of Ximax Environmental Solutions Limited ("XES").
Recently XOG has published its audited accounts for the year ended 31 January 2015 and XES has published its audited accounts for the 10 month period ended 31 December 2014. XES reported an audited profit before tax of GBP229,276 on turnover of GBP1,356,166 for the period; XOG does not trade and reported a loss of GBP4,324 on turnover of GBPNIL.
Reverse Takeover
The Company remains in discussions with the board and shareholders of XEL and XOG (together "Ximax") regarding the potential acquisition of the shares in Ximax not currently owned by Emmit. Such an acquisition would constitute a reverse takeover requiring the publication of an Admission Document, the convening of a general meeting (with 14 days' notice) to seek Emmit's shareholders' approval of the acquisition, and such approval being forthcoming. However, the due diligence exercise required and completion of other workstreams underpinning the production of an Admission Document are taking significantly longer than anticipated, and it will not be possible to complete the requisite exercise to allow the publication of an Admission Document in the timeframe required by the AIM Rules for Companies in order for re-Admission of the Company's shares to trading to occur by 8 May 2015.
Cancellation of trading on AIM
On 7 November 2014 it was announced that the Company was in discussions to effect a reverse takeover of Ximax, which resulted in the Company's shares remaining suspended from trading on AIM. Following this suspension of trading for six months, pursuant to AIM Rule 41, the Company's shares will be subject to cancellation from Admission to trading on AIM with effect from 7.00 a.m. on 8 May 2015.
Financial Results
It is unlikely that Emmit will formally report its results for the year ended 31 December 2014 before the date of de-listing. The audited accounts will be posted to shareholders and published on the Company's website once finalised.
Strategy
Your Board intends, subject, inter alia, to completing the due diligence exercise on Ximax, to completing the other workstreams satisfactorily, and to agreeing appropriate terms with the other Ximax shareholders, to acquire Ximax and to seek Admission of the enlarged Group to trading on AIM. Emmit will seek shareholders' approval of such acquisition, even though by that stage Emmit's shares will have been de-listed. The Board remains committed to the acquisition and will give a further indication of timescales once the due diligence process has been concluded.
Financing
Emmit currently has limited funds at its disposal. The Company is currently seeking to raise further finance, possibly by the issue of convertible loan notes, in the near future.
Future Communications with shareholders
The Company will aim to keep shareholders updated via its website: www.emmitplc.com
For further information please contact:
Emmit plc
Dean Cook Managing Director 01473 604504
SPARK Advisory Partners (Nominated Adviser)
Neil Baldwin/Sean Wyndham-Quin 0203 368 3554
Neil.baldwin@sparkapl.com(www.sparkadvisorypartners.com)
This information is provided by RNS
The company news service from the London Stock Exchange
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