Statement re. Suspension
April 21 2010 - 2:00AM
UK Regulatory
TIDMCEVO
RNS Number : 5060K
China Evoline PLC
21 April 2010
China Evoline PLC
Suspension of Ordinary Shares
21 April 2010
As detailed in the interim results announced on 15 February 2010, under the AIM
Rules the Company was required to make a substantial acquisition (which would be
regarded as a reverse takeover) by 21 April 2010, being twelve months from the
date of the 2009 AGM, or trading in the Company's ordinary shares would be
suspended.
Whilst the Directors have evaluated a number of potential investment
opportunities, none have been suitable to be put to shareholders for approval.
As a result, trading in the Company's ordinary shares has been suspended with
immediate effect. If no transaction is achieved by the Company within a further
six months, being by 21 October 2010, the London Stock Exchange will cancel
admission of the shares on AIM.
The Directors are pursuing a number of investment opportunities which they are
hopeful will result in an acquisition being completed by October 2010.
If the Company successfully identifies a suitable investment opportunity, the
ability to continue as a going concern will depend on being able to raise the
necessary finance in order to fund the appropriate due diligence and purchase
price consideration and being able to successfully integrate the target into the
Group so as to generate cash in the future.
If the Company fails to secure any additional finance, the Company will be
unable to continue as a going concern as it will have insufficient funds to
trade after twelve months. The ability of the Company to continue as a going
concern is dependent on continued financial support of the majority shareholder.
For further information please contact:
China Evoline plc
Frank Lewis, Chairman
+44 (0)7775 504 313
Fairfax I.S. PLC
Nominated Adviser and Broker
Katy Birkin/Laura Littley
+44 (0)207 598 5368
This information is provided by RNS
The company news service from the London Stock Exchange
END
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