Obtala Limited (AIM: OBT), the African focused agricultural and forestry company, announces that it has been informed that that the London Stock Exchange has determined to remove ZAI Corporate Finance’s nomad status pursuant to Rule 11 of the AIM Rules for Nominated Advisers (“Nomad Rules”) on the basis that it no longer meets the criteria in Nomad Rule 2 – bullet points 3 and 4, being that a nominated adviser must
- have acted on at least three Relevant Transactions during that two-year period;
- employ at least four Qualified Executives and in this regard the Exchange will take in to account the overall experience of the Qualified Executives on an individual basis and as a team.
The removal will take effect at 7am 19 October 2017. If the Company has not appointed a replacement nominated advisor by this date the Company’s shares will be suspended from trading on AIM, pursuant to AIM Rule 1. If the Company has appointed a replacement nominated adviser within one month of suspension (by 20 November 2017), admission of the Company’s shares to trading on AIM will be cancelled.
If the Company appoints a new Nomad that has been granted an expedited take-on process by AIM regulation then such Nomad will have until 5pm on 19th December 2017 to complete its full Nomad due diligence on the Company. If the new Nomad is unable to provide the full nomad declaration to London Exchange by this date, it will not be able to continue to act as Nomad for the Company and the Company’s shares will be suspended from trading on AIM. If no nomad is appointed within one month of this date then admission of the Company’s shares to trading on AIM will be cancelled.
The Company’s board has vetted several Nomads during the past weeks and is in the final stages of agreeing satisfactory terms of business with a reputable nominated advisor. The Board expects to appoint such Nomad in short order and it is understood that said Nomad has been granted an expedited take-on process by AIM.
Miles Pelham – Chairman
Martin Collins – Deputy Chairman
|+44 (0)20 7099 1940|
|ZAI Corporate Finance Limited (Nomad)
|+44 (0)20 7060 2220|
|Brandon Hill Capital (Joint Broker)
Beaufort Securities Limited (Joint Broker)
|+44 (0)20 3463 5000
+44 (0)20 7382 8300
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.