Gold exploration, production and retail firm Lionsgold CEO Cameron Parry on Friday offered an apology to shareholders as the company announced that trading on the Aim would be cancelled on November 12.
Lionsgold, which is developing a gold currency and banking platform, was suspended from trading in May, after it bought TRAC Technology in a transaction that the LSE considered to be a “fundamental change of business”.
At the time, the firm said that it would take about three to four months to comply with Aim’s Rule 14, which deals with reverse takeovers. Lionsgold said on Friday that it took longer than anticipated to evolve its core business and that the readmission process would not be completed by November 11.
“This is obviously not ideal and we apologise to our shareholders for any angst this time off the market may cause. The company plans to progress with its application to see our shares admitted to trading on Aim following, among other things, Lionsgold’s annual general meeting to be held in mid-December 2018,” Parry stated.
The company is aiming to be readmitted to the Aim in the first quarter of 2019.
“The decision to prioritise establishing the expanded business proposition rather than seek an immediate return to the market was not one taken lightly, but the board is confident that these developments will ultimately deliver a superior result for shareholders and customers alike,” chairperson Michael Corcoran added.
Since the suspension of the company’s shares in May, Lionsgold has refined its business plan and corporate strategy to focus on its financial technology operating business, coupled with strategic mining interests.
Lionsgold stated that its core financial technology platform, being the gold currency known to date as ‘Goldbloc’ has evolved considerably and that it had been working with a London advertising agency to develop the branding and consumer messaging to better communicate the purpose and benefits of the product and scope for future ambitions.