RE: 30th Apr 2025 5:37 pm RNS Final Results1 May 2025 18:47
30th Apr 2025 5:37 pm RNS Final Results
" ... The Company and its advisors have been working hard towards the aim of completing the transaction and re-admission. Substantial progress has been made towards the production of a first draft of the Prospectus and legal due diligence has largely been completed. However, as set out in the announcement of 18th December, the original goal had been to try and achieve those aims within the first half of 2025, and if possible, prior to 29th July 2025. If that deadline could have been achieved the Company should have been able to avoid having to appoint a sponsor for Re-admission. As a result of a number of factors, including the need for ELG Group to make further progress with its current cost-saving and EBITDA-enhancing initiatives, and for any proceeds coming from the pre-RTO fundraising to have a positive impact on ELG AB's business, it has now been agreed with ELG AB that the original timetable is no longer realistic and that, instead, completion of the transaction and re-admission should be targeted for the later part of 2025, and hopefully the early part of December. As a result, the Company will almost certainly incur additional costs than would otherwise have been the case due to having to appoint a sponsor for re-admission.
Outlook
As noted above, despite the change in timetable, progress has been made towards the consummation of the transaction and achieving Re-admission. The Board is, however, concerned that the pre-RTO fundraising may take longer than hoped and if that is the case then meeting the new target deadline of early December 2025 to complete the transaction, the re-admission fundraising and re-admission may become difficult.
The Board would like to thank shareholders, advisers and others for their continued support and patience during the period under review.
R A D Beresford
Non-Executive Chairman
30 April 2025 ..."
https://www.lse.co.uk/rns/ROC/final-results-b9z28vqpajswwyy.html