Amala Foods Plc
("Amala" or the "Company")
Re: Corporate Update
Amala Foods Plc (LON: DISH), a shell company, is pleased to provide a further update following the Corporate Update that was previously announced on 19 April 2023.
The Company has been reviewing several potential transactions and has prepared a shortlist of reverse takeover opportunities in various sectors including healthcare, natural resources, and technology. The Company has sufficient funding to undertake a reverse takeover.
The Company announced previously that it 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).
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.
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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