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LONDON - Beacon Energy PLC (AIM:BCE (NYSE:BCE)) announced today that it has become an AIM Rule 15 cash shell following the sale of certain assets of Rhein Petroleum GmbH to a third party, which will initiate Rhein Petroleum's liquidation process. This development is a direct consequence of the company's strategic shift towards creating a self-funded oil and gas production entity, aiming to capitalize on the ongoing restructuring within the industry.
The company's board is actively engaged in discussions regarding various opportunities and expresses confidence in securing at least one agreement by mid-2025. However, they acknowledge that there is no certainty of such an outcome.
As a result of transitioning to an AIM Rule 15 cash shell, Beacon Energy is now obligated to execute an acquisition that would qualify as a reverse takeover under AIM Rule 14, or alternatively, to reposition itself as an investing company in accordance with AIM Rule 8. This would necessitate raising a minimum of £6 million and publishing an admission document. These actions must be completed within six months from today, otherwise the company's shares will face suspension from trading as per AIM Rule 40.
Should Beacon Energy fail to complete a reverse takeover or become an investing company within the stipulated timeframe, a further six-month period is allowed for a Re-admission Transaction (JO:TCPJ) to occur. If not achieved, the company's ordinary shares will be canceled from trading on the AIM market.
This announcement is based on a press release statement issued by Beacon Energy PLC.
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