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Ovoca Bio PLC on Wednesday said it intends to cancel trading on Euronext Growth in June. The company also announced that it has signed a conditional letter of intent for the reverse takeover of Tadeen International Ltd, a Bristol-based firm which owns a portfolio of mineral exploration licenses in Morocco. Ovoca Bio is a Dublin-based biopharmaceutical company with a focus on women’s health. Tadeen owns a 100% interest in Horizon Mines Sarl, the Moroccan firm that owns the licences prospective for copper and silver. Under the terms of the deal, Tadeen shareholders will receive a maximum of $1.5 million in Ovoca shares, meaning they would own around 40% of the enlarged share capital. If considered ‘reasonable to be done’, Ovoca will also carry out a three-for-one share consolidation of outstanding Ovoca shares. The enlarged firm, post-takeover, will be renamed Talisman Metals PLC. A binding share purchase deal is expected to be signed within the second quarter of 2025. ‘I am very excited about this proposed acquisition and [reverse takeover] as contemplated, and the board believes the enlarged group’s business strategy and highly prospective exploration interests in Morocco offer existing and future investors the potential to realise significant shareholder gains,’ said Ovoca Chief Executive Officer Timothy McCutcheon. Ovoca notes that the letter of intent is not currently binding, and therefore there is no certainty the proposed acquisition will take place. Further announcements will be made ‘when appropriate’. In addition, Ovoca also on Wednesday announced its sale of subsidiary Silver Star Ltd for a nominal sum to an unnamed, unconnected third party. Silver Star owned Russian subsidiary Ivix LLC, which had its value written down to zero following unsuccessful phase 2 trials in 2023. The disposal is further to Ovoca’s decision in 2023 to sell assets related to its clinical development product Orenetide, which Ovoca allowed to lapse alongside its related patents and exit its biopharmaceutical business. This leaves Ovoca now with only its dormant Australian subsidiary, which it expects to wind up in the next 12 months. In ceasing all former biopharmaceutical development activities and retaining no intellectual property related to the sector, Ovoca has on Wednesday become a cash shell with immediate effect. Shares have been temporarily suspended from trading on AIM, and the company also intends to permanently cancel trading on Euronext Growth, with effect from June 5. This will remove ‘certain costs, complexities and duplication that comes from administering two listing regimes and will have no impact on Ovoca’s Ordinary Shares which will continue to be admitted to AIM,’ the company explained. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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