28 Sep 2011 14:30
28 September 2011 Sterling Green Group Plc ("Sterling Green" or "the Company") Statement re Suspension
Under Rule 19 of the AIM Rules, a company is required to publish its annual accounts no later than six months after the end of the financial year to which they relate.
The Company has today entered into a non-legally binding agreement (except as to costs, exclusivity and confidentiality) to dispose of a significant part of its trading operations, the effect of which will be to considerably reduce the size of the on-going operating business. The disposal, if concluded, would be subject to shareholder approval under Rule 15 of the AIM Rules for Companies.
The board is of the view, having consulted with the Company's auditors, that as the proposed disposal is so material to the Company's existing trading operations; it would not be appropriate to complete the accounts for the year ended 31 March 2011 until either binding contractual arrangements are entered into or discussions with the potential buyer are terminated. This will enable shareholders to review the Company's accounts in the knowledge of whether those operations will be part of the Group in the future.
Accordingly, as the Company is not in a position to publish its audited accounts for the year ended 31 March 2011 by 30 September 2011, in accordance with the AIM Rules for Companies, the Company's ordinary shares have been suspended from trading on AIM with immediate effect.
A further announcement will be made in due course.
Enquiries:Sterling Green Group plc Tel: 0161 975 5757 Michael Edelson
Merchant Securities Limited Tel: 020 7628 2200
Simon Clements/David Worlidge
XLON