Wildcat Petroleum (LSE:WCAT) shares dropped in Friday's trade, falling 8% to 0.06p, after it launched a strategic reset that could see it quit the London Stock Exchange’s Main Market, arguing that the regulatory burden and costs are now hampering its ability to land an initial reverse takeover.
The company said it will seek shareholder approval to cancel its Main Market listing and, in parallel, apply for its shares to trade on the Aquis Growth Market.
Alongside the proposed move, Wildcat signalled a change in investment focus away from petroleum products towards the gold sector, with the board aiming to develop an African-based gold processing business.
Wildcat also said it plans a fundraise before the end of March to support corporate activity over a minimum 12-month period, with a shareholder circular and general meeting notice to follow “in due course”.