Tau Capital PLC Completion of Disposal (5183E)

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RNS Number : 5183E

Tau Capital PLC

18 October 2018

18 October 2018

Tau Capital plc

("Tau" or the "Company")

Completion of Disposal

Further to the Company's announcement made on 4 October 2018, Tau announces that the disposal of the Company's indirect interest in Stopharm LLP has today completed.

The Company is now no longer classified as an investing company and will be classified as an AIM Rule 15 cash shell and as such will be required to make an acquisition or acquisitions which constitutes a reverse takeover under AIM Rule 14 on or before the date falling six months from today's date or be re-admitted to trading on AIM as an investing company under the AIM Rules (which requires the raising of at least GBP6 million) failing which, the Company's Ordinary Shares would then be suspended from trading on AIM pursuant to AIM Rule 40. Admission to trading on AIM would be cancelled six months from the date of suspension should the reason for the suspension not have been rectified.

Following the sale of the participation in Stopharm LLP, the Directors of the Company have resolved to set a timeline to receive and consider proposals for an acquisition or acquisitions which constitutes a reverse takeover under AIM Rule 14. If, after 30 November 2018, no acceptable proposals have been received, then the Board intends to distribute substantially all of the Company's remaining cash not required to meet operating costs and liabilities and seek a cancellation of the admission to trading of the Company's shares on AIM in accordance with AIM rule 41. This would be followed by the appointment of a liquidator of the Company.

Further announcements will be made in due course.

Further information, please contact:

 
 FIM Capital Limited 
  Philip Scales                         Tel: [phone] 
 
 Allenby Capital Limited (Nominated   Tel: [phone] 
  Adviser and Joint Broker) 
  John Depasquale / Alex Brearley 
 
                                       Tel: [phone] 
  Peterhouse Capital Limited (Joint 
  Broker) 
  Lucy Williams / Heena Karani 
 

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October 18, 2018 10:20 ET (14:20 GMT)