Amala Foods Plc
("Amala" or the "Company")
Corporate Update
Amala Foods Plc (LON: DISH), a shell company, is pleased to provide a Corporate Update.
The Directors of the Company are pleased to confirm that the shares of the Company have been re-admitted to trading on the Standard Segment to the Main Market.
Further to the update of 17 March 2023, the Company has received confirmation prior to the suspension being lifted that the Company is "grandfathered" under the regime change so that, provided a reverse takeover is subject to eligibility and prospectus review and approval prior to 1 December 2023, that such reverse takeover can complete with a market capitalisation for the enlarged share capital of the Company of less than £30,000,000 (thirty million pounds).
As detailed in the previous corporate update, the Company has retained capital to undertake a reverse takeover and has ensured steps are taken to reduce working capital expenditures at this time including the Directors having agreed not to accrue nor receive any remuneration until a reverse takeover.
The Company has also added Ms Celia Li to the Directors with her expertise and experience with overseas investments and investors.
The Directors are currently exploring a number of reverse takeover opportunities and hope to produce a shortlist in the coming weeks. The Directors are targeting concluding heads of terms of a preferred target by the late Summer which will trigger a suspension of the shares in accordance with the Listing Rules.
Whilst there can be no assurances that a reverse takeover target will be identified, nor that a transaction can be concluded by 1 December 2023 so that eligibility and prospectus review can be completed by the FCA, the Directors are working hard to achieve these goals for the benefit for the shareholders and other stakeholders in the Company.
The Directors look forward to providing a further update in due course.
Furthermore, the Company has issued 23,299,314 shares at a price of £0.00344 per share to a creditor to reduce outstanding liabilities by £80,149.64.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 ("MAR").
Enquiries:
Jonathan Morley-Kirk, Non-Executive Chairman
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