22 Sep 2011 13:30
For immediate release:
Creon Corporation plc
("Creon" or the "Company")
Trading update and Suspension
The Directors of Creon would like to provide the following update to the market.
On 7 July 2011, the Company announced that repayment of a loan totalling £105,602 (including accrued interest) (the "Loan") together with the proceeds of the placing which raised £24,000, would be used by the Company to pay the ongoing running costs associated with being a public company until suitable investments had been identified and further equity funds raised.
The expected repayment of the Company's outstanding Loan has not been forthcoming as expected. The Directors now believe that it is unlikely that repayment will be made under this Loan in the very short term, if at all, and therefore the Directors are in detailed discussions with the Company's advisers to find alternative sources of short term funding, which may take the form of a deeply discounted issue of new equity. Shareholders should be aware that at this stage there can be no guarantee that funding will be found.
As a result of this financial uncertainty, the Directors have requested a temporary suspension in trading of the Company's shares with immediate effect.
Further announcements will be made in due course.
For further information please contact:
Creon Corporation plc Guus Berting + 31 (6) 2061 8295
Daniel Stewart & Company Plc Oliver Rigby +44 (0)20 7776 6550
GTH Media Relations Toby Hall/ Christian Pickel +44 (0)20 3103 3900