RE: Late CEO selling becuase he was ousted and lost in court3 Mar 2020 19:09
The Group’s senior management team, led by Sébastien Desreumaux, is undertaking a wide-ranging review of the Group’s operations with a view to improving operating margins and its overall financial performance, alongside reducing its immediate term debt levels.
The management team is focused on continuing to deliver excellent customer service and commitment, whilst simultaneously prioritising cash generation within the business. Actions to strengthen internal processes are underway and steps to improve cash collection have been taken. Taking into account current market conditions, the Company has identified significant savings to be implemented over the coming periods.
The Board, alongside its advisers, has been considering available strategic options in light of the reduction in EBIT, the substantial demands on working capital, immediate term debt levels and the delay in finalising the HY19 Interim Results. This has led the Board to consider numerous potential options, including a sale of the Company, to ensure the continued viability of the Company in the immediate term.