Obtala Limited (LON:OBT) has chosen Northland Capital Partners Limited as its new nominated adviser after ZAI Corporate Finance was stripped of its status.
The Africa-focused forestry and agriculture group said due diligence is being undertaken on the company to confirm the appointment.
Obtala had until 19 December to appoint a new nomad otherwise its shares would have been suspended.
“No undue concerns have arisen, and we expect a satisfactory outcome before the deadline of the 19 December 2017,” Obtala said.
“Shareholders will be advised once the process has been completed and the relevant nominated adviser confirmations have been made to the Exchange.”
The AIM-listed group added that site visits are planned to the WoodBois International ApS offices in Copenhagen this week and to the sawmill and veneer factories in Gabon next week.
The news comes after 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.