Statement re Suspension
June 09 2008 - 2:30AM
UK Regulatory
9 June 2008
Pine Ventures plc
(the "Company")
Statement re Suspension
Further to previous announcements regarding the search for a potential
acquisition target in accordance with the Company's investment strategy, as
approved by shareholders on 6 June 2007, the Company has, to date, been unable
to complete any such acquisition and in accordance with Rule 15 of the AIM
Rules the Company's shares have been suspended with effect from 7.00 a.m.
today.
The Company's investment strategy is to acquire another company or business in
the software sector in the UK, Europe or North America and the Board is
currently in discussions with various parties which may or may not lead to a
successful acquisition.
Commenting, Lord Beaverbrook, Chairman said
"It is disappointing that we have been unable to complete an acquisition within
the requisite time frame stipulated in the AIM Rules. However, the Board is
committed to completing a transaction and believe that additional funds will be
available to the Company once a suitable target has been identified. We
continue to actively negotiate with various parties and anticipate making an
announcement before trading in the shares is cancelled."
There is no guarantee that the Company will make an acquisition. In accordance
with the AIM Rules, in the event an acquisition has not been made within six
months of the date of this announcement trading in the Company's shares will be
cancelled.
- ends -
Enquiries:
Lord Beaverbrook, Chairman 020 7235 3131
Pine Ventures plc
Simon Clements 020 7628 2200
John East & Partners Limited
Trevor Phillips 020 7929 5599
Square1 Consulting Limited
END
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