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Galleon Holdings no longer intends to acquire 85% of mining company Aktobe Steel Production.
Galleon could not get the information it required to complete the deal and no progress has been made since the original announcement on 12 November 2013, when trading in the shares was suspended. Galleon did not draw down on the loan facility offered by the seller of the stake.
The shell company will need to look elsewhere for a suitable acquisition.
At the suspension price of 11.5p a share, Galleon is valued at £642,000. The accounts for the year to September 2013 should be published shortly.
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