On 3 December 2014, following a general meeting and approval of all resolutions by shareholders, Teathers became an Investing Company and adopted a new Investing Policy. Accordingly over the 12 months, the Company has assessed and made a number of investments, as well as evaluated a number of potential reverse takeover opportunities.
As an Investing Company, the Company was required to implement its Investing Policy within 12 months or make an acquisition or acquisitions which constitute a reverse takeover under the AIM Rules, failing which the Company’s Ordinary Shares would then be suspended from trading on AIM. However the Company has neither undertaken a reverse takeover nor is it considered to have implemented its Investing Policy. Accordingly, in accordance with Rule 15 of the AIM Rules for Companies, the shares will be suspended at 7:30 am today.
The Company is currently considering all of its options and will continue to work towards the implementation of its Investing Policy or completion of a reverse takeover. Pending the implementation of its investing policy or completion of a reverse takeover, the shares will remain suspended and the Company is currently seeking advice as to how best to enable shareholders who wish to trade in the Company’s shares to do so.
If the Company’s Investing Policy has not been implemented within six months of suspension from trading on AIM, the admission of the Ordinary Shares to trading on AIM will be cancelled and the Directors will convene a general meeting of the shareholders to consider whether to continue seeking investment opportunities or to wind up the Company and distribute any surplus cash back to shareholders. Further updates will be provided to shareholders in due course.