Update on PTL Disposal and Suspension
Perth, Oct 11, 2018 AEST (ABN Newswire) - As announced by MMJ PhytoTech Limited (
ASX:MMJ) (MMJJF:OTCMKTS) (MMJ or the Company) on 5 October 2018, MMJ's shareholders have approved the resolutions necessary for the disposal of PhytoTech Therapeutics Ltd (PTL) to Harvest One Cannabis Inc (CVE:HVT) (HVT) (Disposal).
As set out the prospectus dated 1 October 2018, the Company's securities will now remain suspended from official quotation pending the completion of the Company's re-compliance with ASX's requirements in Chapters 1 and 2 of the Listing Rules.
The Company is pleased to confirm it is advancing with the next steps to achieve re-compliance which include:
- working with HVT towards satisfying the remaining conditions to completion of the Disposal; and
- demonstrating, to ASX's satisfaction, that upon completion of the Disposal MMJ will comply with the relevant ASX listing requirements and any additional conditions imposed by ASX.
The Company advises that it has made the relevant re-quotation application to ASX, which ASX is now in the process of reviewing.
MMJ acknowledges that ASX has an absolute discretion in deciding whether to re-admit the Company however it is committed to assisting ASX in a timely manner and is confident that it will be reinstated to quotation in the coming weeks.
About MMJ Group Holdings Ltd
MMJ Group Holdings Ltd (ASX:MMJ) is a global cannabis investment company. MMJ owns a portfolio of minority investments and aims to invest across the full range of emerging cannabis-related sectors including healthcare, technology, infrastructure, logistics, processing, cultivation, equipment and retail. For MMJ's latest investor presentation and news, please visit: https://www.mmjphytotech.com.au/investors/
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