Ridgecrest, an AIM Rule 15 cash shell, has terminated negotiations on its proposed reverse takeover of Romanian airline, Blue Air. The company states that the action was “a consequence of Blue Air’s inability to raise the pre-RTO funding that was the principal condition of the non-binding heads of agreement between Ridgecrest and Blue Air’s vendors”. Ridgecrest said that its board of directors had concluded that was in shareholders’ best interests to pursue an “alternative transaction”, which it will announced “in the near future”. On July 6 Ridgecrest said it had agreed to acquire Airline Invest SA and its subsidiaries Blue Air Aviation SA and Blue
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