3D Diagnostic Imaging, the parent company of CarieScan, is abandoning its plan to delist from the Alternative Investment Market (AIM) and instead will be taken over by an investor and turned into an "investment vehicle."
The company has entered into an implementation agreement with Donald Strang that includes the following:
- The transfer of all of the company's existing assets and liabilities into its 100% owned subsidiary and operating business, CarieScan
- The issue of 380 million new ordinary shares in the company at a price of 0.03p per share to new subscribers, which will raise 114,000 pounds ($184,000), of which 100,000 pounds ($161,000) will be injected into CarieScan
- The disposal of CarieScan to a newly formed company that would be gifted to the company's existing shareholders
Upon completion of the proposals, Strang will join the company's board of directors, and David Snow and Graham Lay will step down from the board, 3D noted.
Under the terms of the agreement, Strang has agreed to reimburse certain costs incurred by the company in connection with the aborted delisting and to indemnify the company, up to a maximum of 75,000 pounds ($121,000), against the costs of implementing the proposals.
The proposals require approval by the company's shareholders.
