Proactive Investors - Run By Investors For Investors

Alecto Minerals to lose AIM listing as Mowana completion drags on

Shares in Alecto have been suspended since 21 December 2016 while it completes the admission document
picture of copper wire
Mowana started producing again in March

Alecto Minerals PLC (LON:ALO) is to lose its AIM listing due to the prolonged suspension of its shares while the proposed acquisition of the Mowana copper mine in Botswana progresses.

Shares in Alecto have been suspended since 21 December 2016 while it completes the admission document for the deal, which has been structured as reverse takeover.

Under AIM rules, six months is the maximum a company’s shares can be suspended.

Alecto has been granted one extension already, but has now been informed its listing will be cancelled on 11 July.

The junior added it still intends to proceed with the acquisition and to seek admission to trading for the enlarged group on AIM as a new applicant. 

Extensive technical, financial and legal due diligence on Mowana and its holding companies has been carried out  the results of which will be reflected in the admission document as appropriate. 

Indeed, Alecto re-started production at Mowana in March and to date approximately 4,300 tonnes of copper concentrate have been produced and sold to offtake partner, Fujax Minerals and Energy.  

However, Alecto warned that in the event the event that the Mowana acquisition does not complete on the expected timetable, more funds will be required without which it faces liquidation.

View full CRA profile View Profile

Cradle Arc Plc Timeline

Related Articles

February 05 2018
Colin Bird and newly appointed chief executive Laurence Read will launch a full geological and corporate review of Bezant’s operations
Gold wreath
November 13 2017
What makes Lionsgold more than "just another gold mine developer" is its partnership with TRAC, which has developed a trading platform that allows investors to acquire and store physical gold and silver rather than buying into exchange traded funds
picture of gold
November 20 2017
The oxide mineralisation is open to the northeast with potential continuity for at least three kilometres

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use