Vintana PLC Company update and statement re annual results (1343R)

TIDMVITA

RNS Number : 1343R

Vintana PLC

25 June 2020

Vintana plc

("Vintana" or the "Company")

Company update and statement re annual results

Vintana plc provides an update on the Company's pursuit of a reverse takeover pursuant to AIM Rule 14 ("Reverse Takeover"), its financial position and the timing for publication of its annual report and accounts for the year ended 31 December 2019 ("2019 Accounts").

Reverse Takeover discussions

The Company's ordinary shares were suspended from trading on AIM on 9 March 2020. The Company is required to conclude an acquisition which constitutes a Reverse Takeover within six months of the suspension date, otherwise the Company's shares will be cancelled from trading on AIM (the "Cancellation Date").

On 9 March 2020, the Company announced that it was in advanced discussions as to the indicative terms of a transaction with a potential acquisition target in the natural resources sector which, if successfully concluded, would constitute a Reverse Takeover. During the extremely challenging period caused by COVID-19, the Company has experienced some difficulties and delays in progressing these discussions. However, these discussions remain ongoing.

The board of Vintana ("Board") remains committed to completing a transaction, however, it is of the view that it will now not be possible to conclude a Reverse Takeover prior to the Cancellation Date. The Company notes the guidance provided by AIM Regulation in Inside AIM on 20 March 2020 in relation to temporary coronavirus measures, which included the provision, at AIM Regulation's discretion, to extend the deadline by which AIM companies are required to resolve the reason for suspension pursuant to AIM Rule 41. The Board will assess whether to seek an extension to the Cancellation Date in accordance with this guidance but notes that there can be no guarantee that such an extension would be granted.

Update on financial position

The Company's cash position as at 24 June 2020 was c. GBP85,000. These funds will not provide the Company with sufficient financial resources to conclude a Reverse Takeover. Therefore, the Company would be required to raise additional capital in advance of concluding a Reverse Takeover or seeking an extension to the Cancellation Date. The Board is currently looking into a number of possibilities to raise capital for the Company. In the absence of raising additional funds and based on the Company's current cash flow projections, the Company has sufficient cash resources to continue to meet its liabilities until September 2020.

Statement re annual results

Due to the impact the COVID-19 pandemic has had on the ability to complete its audit, the Company will not be in a position to finalise the publication of its 2019 Accounts by 30 June 2020. The Company will seek to publish these results as soon as possible and, in any event, prior to or at the time of publication of an admission document in respect of any Reverse Takeover.

Further updates will be provided in due course.

For further information:

 
 Vintana plc 
 Mike Neville, Non-Executive Chairman   Tel: [phone] 
  Sam Malin, Executive Director          [e-mail] 
 
 Allenby Capital Limited (Nominated 
  Adviser) 
 James Reeve/James Hornigold            Tel: [phone] 
 

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June 25, 2020 11:40 ET (15:40 GMT)