Kore Potash (AIM:KP2), the AIM-listed potash development company holding a 97.46% stake in the Kola and Dougou Extension projects in the Republic of Congo, said ahead of its annual general meeting later today that the ongoing formal sale process (FSP) is continuing.
Earlier this month gained a new party wishing to participate. That party has begun evaluating the possible acquisition. Accordingly, the company noted that two parties are currently engaged in the FSP.
It comes after another participant in the FSP pulled out in late February, citing internal reasons.
The update confirmed that all remaining interested parties have reaffirmed their participation in the FSP.
The Takeover Panel has granted a dispensation allowing participating bidders to remain unidentified publicly and exempting them from the standard 28-day deadline that would otherwise apply under the Takeover Code, meaning the process can continue without forcing premature disclosure of any remaining suitors.
The FSP, which Kore Potash initiated to explore a potential acquisition of the company, remains active with no completion timeline stated.
