25 May 2012

Bidtimes announces suspension

22/03/2011 Ben Jaglom

AIM shell Bidtimes (BDT) has declared that it has suspended its shares following today's meteoric rise.

The company, which saw its shares experience a fivefold rise today amidst investor speculation, is focused on 'identifying opportunities' in the natural resources and renewables sector, having joined AIM in 2000.

Bidtimes, which declares its registered office as being at Halesowen, in the West Midlands, released a statement in which it reported that it was in an 'advanced stage of discussions' which 'may or may not lead to the acquisition of a company which would constitute a reverse takeover in accordance with AIM rule 14. As at 30 June 2010 the shell had £165,000 cash.

It adds that it has 'requested the suspension of trading in its shares on AIM with immediate effect' pending the 'publication of an AIM admission document or the announcement that the discussions have been terminated.'

In an interview with Growth Company Investor non-executive director Julian Moore reiterated that Bidtimes was 'pretty far advanced in the discussions' adding that 'we are hoping to make an announcement in the next couple of weeks.' He confirmed that it would be 'in line with our focus on the renewables and natural resources sector.' Starting the day at 0.5p, the shares last traded at 2.5p prior to the suspension.

Tags: AIM Shell, Bidtimes, Penny shares, Reverse takeover

Sector: Equity Investment Instruments

Companies: PowerHouse Energy (suspended on 12 April 2012)

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