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Madagascar Oil Ltd expects AIM de-listing on April 8

Madagascar Oil Ltd said its delisting from AIM is expected to take place on April 8 this year, if the move is approved at a special meeting.
Madagascar Oil Ltd expects AIM de-listing on April 8
Earlier this month the firm put in motion initial funding arrangements which would trigger the possible de-listing..

Madagascar Oil Ltd (LON:MOIL) said its delisting from AIM is expected to take place on April 8 this year, if the move is approved at a special meeting.

Earlier this month the firm put in motion initial funding arrangements which would trigger the possible de-listing.

It comes after the company’s independent directors  elected to draw-down $2mln under the recently agreed funding deal.

Once the draw-down request was made, the company was obligated to call a special general meeting to seek shareholder approval to cancel MOIL shares trading on AIM.

Shares fell 12% to 0.55p each.

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