Koovs PLC Intention to Appoint Administrators and Suspension (3872W)
10 Dezembro 2019 - 8:55AM
UK Regulatory
TIDMKOOV
RNS Number : 3872W
Koovs PLC
10 December 2019
10 December 2019
Koovs plc
("Koovs" or the "Company")
Intention to Appoint Administrators, Trading Suspension, Nomad
Resignation
Further to the Company's announcement on 18 November 2019, Koovs
plc (AIM: KOOV) is disappointed to announce that, as a result of
the failure by its largest shareholder, Future Lifestyle Fashions
Limited (part of Future Group, India's largest retail group), to
fulfil a contractual commitment to invest a further GBP6.5 million
into the Company, and the failure by the Company to secure
alternative sources of funding, the Board of Koovs plc has resolved
to apply to place Koovs plc into administration.
The Board expects that the business and assets of Koovs will be
purchased from the administrator by a company connected to the
Company's largest secured creditor, Waheed Alli, ensuring the
continuation of the operating business.
A further announcement will be made in due course regarding the
appointment of the administrator.
Suspension of trading and resignation of Nominated Adviser
Shares in the Company have been suspended from trading on AIM
effective from 11.30 a.m. today.
Strand Hanson Limited has resigned as Nominated Adviser to the
Company with immediate effect.
Pursuant to Rule 1 of the AIM Rules for Companies, if a
replacement Nominated Adviser is not appointed within one month,
the admission of the Company's securities will be cancelled on AIM.
The Company has no current intention of appointing a replacement
Nominated Adviser.
END
For further information please contact:
Koovs plc
Mary Turner / Robert Pursell
company.secretary@koovs.com
Media enquiries:
Newgate Communications
Clotilde Gros / Adam Lloyd
Tel: +44 (0)20 3757 6880
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No.596/2014, and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
December 10, 2019 06:55 ET (11:55 GMT)
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