RE: Next Move Peel??31 May 2023 09:08
This was the update I was referring to from Friday
I'd not trust this BOD at all.
●Trading and corporate update●
As of 25 May 2023, the Company had cash of approximately £248,000 (25 April 2023: £516,000) with contractual liabilities of approximately £72,000 (25 April 2023: £231,000). The Company has no trade but relatively significant on-going expenses.
Given the Company's cash position, its current contractual liabilities, the contingent liabilities it has to consider and the ongoing cost run-rate, the Directors, in consultation with the Company's advisers, are assessing the solvency of the Company and a further announcement will be made as soon as is practicably possible. It should be noted that the Company has to assess the costs and timelines involved in any insolvent liquidation process when assessing its current solvency position.
As previously stated, the Company does not intend to enter into an acquisition or acquisitions which constitute a reverse takeover under Rule 14 of the AIM Rules. Furthermore, no approach has been received from any third-party presenting a credible option for the Company to undertake such a transaction since becoming a cash shell and the Company is not actively seeking such a solution. Similarly, the Company has not received any proposals to provide additional funding to the Company since becoming a cash shell.