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Obtala to appoint new nomad after stock exchange ruling

The Africa-focused forestry and agriculture group said it had already vetted several alternatives

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Obtala is building an agriculture and timber business in Africa

AIM-listed Obtala Limited (LON:OBT) is in the process of appointing a new nominated adviser after ZAI Corporate Finance was stripped of its status.

The Africa-focused forestry and agriculture group said it had already vetted several alternatives and is in the final stages of agreeing terms with a replacement.

READ: City broker thinks Obtala shares are worth double their current market value

The London Stock exchange ruled that ZAI Corporate Finance did meet the criteria of at least three relevant transactions during previous two years and the employment of at least four qualified executives.

Obtala has until 19 October to appoint a new nomad otherwise its shares will be suspended. Its AIM listing will be cancelled if it has not made an appointment by 20 November.

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