(Alliance News) - Conduity Capital PLC on Thursday said that Smarttech247, which it had planned to buy, will now seek to list on London's AIM through a direct initial public offering.
Back in August last year, Conduity announced plans to buy Cork, Ireland-based managed security service firm Smarttech247 for GBP33.5 million through the issue of new Conduity shares.
The transaction was considered a reverse takeover under London's AIM rules.
On Thursday, Conduity said that Smarttech247 has now decided that it will seek a quotation by way of a direct IPO rather than by a reverse takeover.
It will now be seeking a listing on London's AIM in the fourth quarter of this year.
"The board of Conduity continues to believe that Smarttech247 represents an attractive investment opportunity and therefore Conduity is in the process of agreeing a refund of all costs that it has incurred to date in connection with the RTO, which would then be used to subscribe for new shares in Smarttech247 on the IPO," Conduity said.
Conduity shares have been suspended from trading on AIM in London since October as a result of the planned takeover.
By Sophie Rose; sophierose@alliancenews.com
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