26 Jan 2023 13:50
This announcement contains inside information for the purposes of the retained UK version of the EU Market Abuse Regulation (EU) 596/2014 ("UK MAR").
26 January 2023
Applied Graphene Materials plc
("Applied Graphene Materials", the "Company" or the "Group")
FY22 Annual Report and Accounts
Further to the Company's announcement on 13 January 2023, the Board now confirms that the Company's annual report and accounts for the year ended 31 July 2022 ("FY22") will not be published by 31 January 2023, being the deadline for publication stipulated under the AIM Rules for Companies. Consequently, the Company's shares will be suspended from trading on AIM with effect from 1 February 2023, pending publication of the FY22 annual report and accounts.
The Board confirms that the previously notified strategic review is ongoing and it remains the Board's intention to enter into a legally binding contract for a transaction (involving either the sale of the Group's trade and assets or of the shares in the Company's main operating subsidiary) by 31 January 2023 or as soon as reasonably practicable thereafter. Discussions may be altered or terminated at any point and, accordingly, there can be no certainty as to entry into such a contract nor as to its terms.
The Board continues to take action to seek to protect the financial position of the Company, its shareholders and creditors in the event that the strategic review does not achieve a satisfactory result. In parallel with the strategic review, the process of statutory redundancy consultations with the Group's employees announced on 23 November 2022 is ongoing.
The Board will continue to provide further updates as appropriate.
For further information, please contact:
Applied Graphene Materials +44 (0) 1642 438 214
Adrian Potts, Chief Executive Officer
David Blain, Chief Financial Officer
Alvarez & Marsal Europe LLP +44 (0) 784 107 2042
Alex Baird abaird@alvarezandmarsal.com
Singer Capital Markets (Nominated Adviser and Joint Broker) +44 (0) 207 496 3000
Peter Steel / Oliver Platts
Allenby Capital Limited (Joint Broker) +44 (0) 203 328 5656
Nick Athanas / Dan Dearden-Williams (Corporate Finance)