LONDON (Alliance News) - Reach4Entertainment Enterprises PLC on Friday said trading was in line with expectations in 2015, while it has had an "excellent start" to 2016.
The media and entertainment marketing company will announce its full-year results for 2015 on May 25.
"2015 was a transformative year for the business during which the company was restructured and a new base was established for developing the business. I am glad to be able to report that the company has had an excellent start to the new financial year, with trading in line with management expectations in quarter one, and our results for 2015 are in line with market expectations, as previously confirmed," Executive Chairman David Stoller said in a statement.
Reach4Entertainment added that the expected transfer of 901,615 shares to Stoller as announced last July has not taken place due to the "inability of the other party to comply with the settlement agreement entered into at the time".
The parties have now agreed that a cash payment will be made to Stoller instead, which he intends to invest in purchasing more shares in the company.
Stoller is currently interested in 23.9 million Reach4Entertainment shares, representing 5% of the company's issued share capital.
Shares in Reach4Entertainment were trading down 0.9% at 1.51 pence on Friday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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