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Pan Pacific Aggregates

  • BY: Andrew Hore |
  • POSTED: 18/04/2011 |

Joint brokers Matrix and XCAP has failed to raise the cash required by Pan Pacific Aggregates to complete a proposed reverse takeover.

The shares remain suspended pending clarification of the company’s financial position. At the 17 January suspension price of 0.38p a share, the Canadian quarry operator was valued at £9.02m.

There were no details given about the business that Pan Pacific was going to be buying.

Pan Pacific has released positive trading statements about the progress of its existing business but it appears to be short of cash which may make it difficult to finance the working capital required.

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