Statement re. Suspension

RNS Number : 8859Z

Gemstones of Africa Group PLC

30 September 2009

 



gemstones of africa group plc

('GOA' or the 'Company' OR THE 'group')

Suspension of Shares 

The Board of Gemstones of Africa Plc (AIM: GOA), announces that, pursuant to Rule 15 of the AIM Rules for Companies ('AIM Rules'), the Company's ordinary shares have been suspended from trading on AIM with effect from 7 a.m. this morning as the Company has not been able to fully satisfy the requirements of the AIM Rules that it has substantially implemented its investing strategy by 29 September 2009, this being the anniversary of the Annual General Meeting of the Company at which shareholders gave consent to the Company's investing strategy. 

The board structure has recently been changed and as a consequence of the AIM requirement to effect a substantial acquisition, the directors are actively pursuing acquisition opportunities for the Company and will update the market with any developments accordingly. The Company's investing strategy remains unchanged. 

The directors are confident that a suitable acquisition or investment will be made before 31 March 2010, the date by which under Rule 41 of the AIM Rules, the Company is required to complete an acquisition or investment that constitutes a reverse takeover under the AIM Rules in line with the Company's previously announced investment strategy. 

In the event that such an acquisition is not been made by the Company by 31 March 2010 trading in the Company's shares on AIM will be cancelled. 

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For further information please contact:

Gemstones of Africa Group Plc                 Tel. [phone] 

Simon Rollason, Non-Executive Chairman 

Daniel Stewart & Company plc                 Tel. [phone]

Stewart Dickson /Simon Leathers 

 

END

 

 

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