Wednesday, 08 December 2021 04:58 GMT

Azonto Petroleum may look beyond resource sector to invest cash


(MENAFN- ProactiveInvestors)Azonto Petroleum's (LON:AZO ASX:APY) directors will consider looking beyond the resources sector should shareholders approve its disposal programme leaving the company as a cash shell. In a quarterly report the dual-listed company which is seeking to offload its 35% ownership interest in Côte d'Ivoire-focused Vioco Petroleum said the Australian stock exchange's rules typically allow a company to remain a cash shell for six months after which its shares are suspended. The directors are aiming to identify an acquisition target and enter into an agreement to acquire same before the six months is up. It noted that its technical director Jay Smulders is set to leave the company on 10 August and added that further management changes are likely to occur after the 17 August shareholder meeting which has been called to vote on the Vioco disposal. The company had a negative cash flow of A$1.48mln in the second quarter leaving it with A$3.59mln at the end of June.


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