Grant Thornton has been dropped as adviser to suspended AIM-listed cash shell White Nile in favour of Numerica, in a bid to ‘speed up’ the company’s relisting.
White Nile, an oil exploration business, chose Numerica to deal with its float, after its relisting was found to take a lot longer than previously expected.
A White Nile spokeswoman said: ‘The process will take a lot longer than Grant Thornton thought it would.’
White Nile listed on AIM as a cash shell on 10 February, only to request its shares be suspended six days later as it attempted to conclude a huge oil deal with the Sudanese government.
As the value of the deal would be greater than that of the £9m cash shell, AIM treated the situation as a reverse takeover. White Nile is preparing a revised listing document with Numerica.
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