30 Nov 2018 12:11
Fishing Republic plc
("Fishing Republic" or "the Company" or "the Group")
Company Update
and
Status of Nominated Adviser
Fishing Republic announces a further update on its financial position, following the notifications by the Company on 16 October 2018 and, most recently, on 12 November 2018, which stated that the Group's future options were being assessed in conjunction with the Company's professional advisers.
The equity fundraising activity referred to in the announcement on 12 November is ongoing, and the Company's advisers are also in discussions with certain existing shareholders to assess their support for providing short-term finance for the Group. Alongside this, the Company's professional advisers have been looking at various options to sell all or parts of the trading business as a going concern.
There is no guarantee that the Company will be able to conclude the equity fundraise or raise sufficient funds for its immediate and future working capital requirements. Therefore, a material uncertainty regarding the Group's financial position continues to exist.
A further announcement will be made as soon as is practicable.
The Company's shares remain suspended from trading on AIM.
Status of Nominated Adviser
The Company also announces that the Directors have been advised by its current nominated adviser ("Nomad"), Northland Capital Partners Limited ("Northland") of its proposed merger with SP Angel Corporate Finance LLP. Northland has voluntarily agreed to relinquish its Nomad status and will be removed from the register of Nomads with effect from 7.00 a.m. on 1 February 2019.
Should there be a successful conclusion to the current fundraising activity, the Board will seek to appoint a replacement Nomad by 1 February 2019.
In accordance with AIM Rule 1, if the Company fails to appoint a new Nomad by 1 February 2019 the Exchange will suspend trading in the Company's AIM Securities. If the Company has failed to appoint a replacement Nomad by 4 March 2019 the admission of its AIM Securities will be cancelled.
Enquiries:
Fishing Republic plc James Newman, Executive Chairman | T: 020 3178 6378 (today)
| |
KTZ Communications Limited | T: 020 3178 6378 | |
Katie Tzouliadis, Emma Pearson | ||
Northland Capital Partners Limited | T: 020 3861 6625 | |
Nominated Adviser and Broker | ||
Matthew Johnson, Jamie Spotswood, David Hignell (Corporate Finance) | ||
Abigail Wayne, Rob Rees (Corporate Broking) | ||