Trading in the shares of Trafalgar Minerals PLC was suspended on AIM from 7.30am on Monday 9 November 2026, after the company failed to complete a reverse takeover by its deadline.

Trafalgar Minerals, formerly known as Trafalgar Property Group PLC, is an AIM Rule 15 cash shell. Under AIM Rule 40, a cash shell must complete a reverse takeover within six months of disposing of its business assets. For Trafalgar, that deadline fell on 6 November 2026, six months after the disposal, and the company confirmed it would not meet it.

The suspension was announced in a regulatory news statement on 29 October 2026. It means shareholders cannot buy or sell the company's ordinary shares on AIM while the suspension is in force.

The position carries a further consequence. If the shares remain suspended for another six months, the company's admission to trading on AIM will be cancelled under AIM Rule 41. That would leave shareholders without a public market for their holdings.

Trafalgar describes itself as a natural resources company aiming to build a portfolio of assets and businesses across strategically important mineral supply chains. The board says it continues to evaluate acquisition opportunities, with an emphasis on disciplined capital allocation and careful selection of assets. However, the company has stressed that there is no certainty any transaction will be completed.

Chief Executive Martin Hull said the board remained committed to securing the right transaction and to advancing opportunities in its pipeline in the best interests of the company and its shareholders, although no specific targets or deals were disclosed.

While the shares are suspended, they remain listed on AIM but cannot be traded. Shareholders therefore cannot sell their holdings on the market until trading resumes or an alternative route is found. The six-month window gives the board time to identify and complete a reverse takeover, which would involve acquiring another company or business and effectively reversing it into the listed shell.

The company changed its name from Trafalgar Property Group PLC as it moved away from its former property business towards natural resources. Its stated aim is to build a portfolio in mineral supply chains that it describes as strategically important. Until a deal is agreed, however, the shares will stay suspended and the clock towards possible cancellation of the AIM admission will keep running.

SPARK Advisory Partners Limited acts as the company's AIM nominated adviser and financial adviser, while AlbR Capital Limited is its corporate broker. The suspension is a regulatory consequence of the missed deadline rather than a sanction, and the company now has up to six months to complete a qualifying acquisition before its AIM admission is at risk of cancellation.