Comment on suspension
27 März 2008 - 8:03AM
UK Regulatory
RNS Number:8652Q
XSN PLC
27 March 2008
27 March 2008
XSN plc ("XSN" or "the Company")
Comment on suspension
On 26 March 2007, shareholders approved the adoption of a change in strategy for
XSN to that of an investment company. Under the AIM Rules, the Company was
required to complete a reverse takeover by 26 March 2008 or trading in the
ordinary shares of the Company on AIM would be suspended for up to six months,
following which the listing on AIM will be cancelled if a reverse takeover has
not been completed before the end of that six month period.
The Company has been actively seeking a suitable acquisition but has not yet
been able to conclude such a transaction and, accordingly, trading in the
Company's shares is being suspended with effect from this morning.
Possible acquisition
The Company is, however, pleased to report that it has agreed the terms by which
it would acquire another business through a reverse acquisition. The board of
XSN expects to announce details of the transaction and publish a circular to
shareholders next month. Further announcements will be made as appropriate.
For further information:
XSN plc
David Elstein 077 3985 3187
Grant Thornton Corporate Finance
Colin Aaronson 020 7383 5100
This information is provided by RNS
The company news service from the London Stock Exchange
END
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