Amala Foods PLC - cash shell - Says planned reverse takeover of Dialysis Care Plus Inc, as announced in early November, is progressing, and that it is confident it will complete the transaction before the end of the first quarter of 2024. Shares will remain suspended while the transaction is ongoing. Says, nothwithstanding the combined market capitalisations of the target and the company being anticipated to be less than £30 million, as Amala was deemed to be a cash shell immediately before December 3, 2021, it falls within the scope of the transitional provisions according to listing rules. Also notes there remain ‘a number of regulatory consents unrelated to the post transaction market capitalisation that are normal for a transaction of this type that need to be obtained prior to the proposed reverse rakeover being concluded.’ Says: ‘Therefore, there can be no guarantee that the proposed reverse takeover will be concluded’. Says it will update the market in ‘due course’.

Copyright 2023 Alliance News Ltd. All Rights Reserved.