On 9 July 2018 zamano plc (“zamano” or the “Company”) announced that it was in ongoing discussions with a counterparty (the “Target”) to acquire certain operating assets of the Target in return for the issue of new shares in the Company which would, if such transaction proceeded, constitute a reverse takeover transaction for the Company (the “Potential Transaction”). zamano also announced there could be no certainty that zamano and the Target would reach agreement on final terms which would be acceptable to the parties or that the Potential Transaction would be concluded.
The Company can confirm that the Target has notified zamano that it no longer wishes to complete the Potential Transaction. Accordingly, the Company is no longer in discussions with the Target regarding the Potential Transaction; and the Board of the Company will now seek to implement the termination provisions of its agreement with the Target. The Company will also move to conclude the process to return the Company’s remaining cash assets to shareholders as quickly and efficiently as possible. Details of the mechanism and timetable for the return of cash will be provided in due course.
The Company’s announced on 6 March 2018 that its shares were to be suspended from trading on the AIM market of the London Stock Exchange (“AIM”) and the ESM market of the Irish Stock Exchange (“ESM”) with effect from 9 March 2018. Following the termination of discussions regarding the Potential Transaction the Company’s shares will remain suspended from trading on both AIM and ESM. In the event that the Company’s shares remain suspended from trading on AIM and ESM for a period of six months, the admission of the Company’s securities to trading on both AIM and ESM will be cancelled by the relevant Exchange.