Administration2 Jan 2018 15:08
Possible Administration The Company has announced that after an unsuccessful attempt, involving Innovation Corporation Limited - historically the Company`s primary funding provider, to complete a private placing on 1 December 2017, the Directors had been pursuing an approach from an alternative funding group. Discussions with the alternative funding partner have now ceased without any funding being provided to the Company. A further offer was received late in the afternoon on 19 December 2017 from a group of shareholders the Board has sought further details as it considers that the Proposal is incomplete and does not contain sufficient detail to be fully assessed and contains conditions on external parties who may be unwilling or unable to provide these undertakings or assurances. With the cessation of discussions with the alternative funding partner, and in the absence of the Proposal, the Directors believed that only remaining option for the Company was voluntary administration, and thus the Proposal is seen as an alternative route worth pursuing. With the uncertainty regarding its financial position and board composition, the Company considered there was a significant risk that it would not be able to complete the audit process in time to meet the requirement of AIM Rule 19 for publication of the Accounts by 29 December 2017. The requirement of AIM Rule 19 is that annual accounts must be published not later than six months after the end of the accounting period to which they relate. Publication of the Accounts after 29 December 2017 would result in the suspension of trading in the Company`s shares on AIM until at least the date that the Accounts have been published. The Company has therefore requested that trading in the Company`s securities on AIM is suspended immediately pending clarification of the Company`s financial position, its Board composition and the publication of its annual accounts