FCA Action Required - Block Delist & Protect Shareholders5 Dec 2024 23:03
Chairman mislead investors already and now want to mislead FCA into allow delisting with no Transition Plan in place. FCA MUST protect shareholders by demanding the Transition Plan is executed before delisting, and that Shareholder exit opportunity is in place before delisting. Shareholders told it was temporary suspension so mislead. Chairman talks of a Transition Plan to allow shareholders exit but with no timeline - meaning after delisting in 3 weeks they can walk into sunset and forget shareholders…FCA must act and protect the integrity of the stock market!
RNS extract: ‘To facilitate the changes summarised above and to prepare for the future, the Company has agreed a plan (the "Transition Plan") the objectives of which are:
· To engage a new Chief Executive Officer who will lead the business and the preparation of a new business plan; the Company has already identified a highly suitable individual for this role;
· To raise additional capital with the support of the controlling shareholder, in line with the new business plan and its working and growth capital requirements;
· To find an exit opportunity for shareholders in the Company who may not wish to remain shareholders in the Company following the Delisting; and
· To explore further opportunities and solutions to support the business, taking into account the medium and longer term potential of the Company.
There are no guarantees in relation to the elements of the Transition Plan; in particular, the timing and identity of the Company's new Chief Executive Officer, the amount and nature of additional capital to be raised, the future working and growth capital requirements of the Company, and the nature and timing of the exit opportunity for shareholders in the Company who may not wish to remain shareholders in the Company following the Delisting.’
