Red Emperor Resources NL Suspension of Trading on AIM and ASX (2827M)
20 January 2021 - 6:00PM
UK Regulatory
TIDMRMP
RNS Number : 2827M
Red Emperor Resources NL
20 January 2021
20 January 2021
Red Emperor Resources NL
("Red Emperor" or the "Company")
Suspension of Trading on AIM and ASX
Red Emperor (ASX/AIM: RMP) announces that it has requested
suspension of trading of its ordinary shares on AIM and been
granted a trading halt on the ASX in accordance with ASX listing
rule 17.1 pending the release of an announcement in relation to a
potential acquisition (the "Potential Acquisition").
As the Potential Acquisition would, should it proceed, amount
to, inter alia , a Reverse Takeover under the AIM Rules for
Companies ("AIM Rules") due to its size and nature, the Directors
have requested and been granted a trading halt in the Company's
ordinary shares on ASX, and requested a suspension in trading on
AIM, in accordance with the policies and rules of the two
exchanges, pending the above mentioned announcement and thereafter
the Company's satisfaction of all of the requirements of ASX and
AIM (including, inter alia , the publication of an AIM Admission
Document and shareholder approval).
Accordingly, trading in the Company's ordinary shares on AIM
will be suspended with effect from 7.30 a.m. today.
As announced on 7 August 2020, Red Emperor became an AIM Rule 15
Cash Shell with effect from 21 July 2020 further to the
relinquishment of the Western Blocks on the North Slope of Alaska.
As such, the Company was required to either make an acquisition, or
acquisitions, which constitutes a reverse takeover under AIM Rule
14 (including seeking re-admission under the AIM Rules) or become
an investing company pursuant to AIM Rule 8 (either being, a
"Re-admission Transaction"), within six months from 21 July 2020,
failing which, the Company's ordinary shares would be required to
be suspended from trading pursuant to AIM Rule 40. Accordingly,
should the Potential Acquisition not proceed to completion, the
Company's ordinary shares would remain suspended from trading on
AIM until such time as the Company successfully completed a
Re-admission Transaction in accordance with AIM Rule 15. Admission
to trading on AIM of the Company's ordinary shares will be
cancelled pursuant to AIM Rule 41 if a Re-admission Transaction is
not completed within a six month period from today, being the
suspension date.
There can be no guarantee that the Company will be able to
secure and complete the Potential Acquisition or any alternative
Re-admission Transaction and consequently be re-admitted to trading
on AIM.
For further information, please visit www.redemperorresources.com or contact:
Red Emperor Resources NL - Greg
Bandy +61 8 9212 0102
Strand Hanson Limited (Nominated +44 (0) 20 7409
Adviser) - James Harris 3494
+44 (0) 203 463
Brandon Hill Capital (UK Broker) 5010
708 Capital Pty Ltd (Australian +61 (0) 2 9112
Broker) 2500
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END
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