29 Jun 2017 14:00
29 June 2017
TLA Worldwide plc
("TLA" or "the Group")
Suspension of trading on AIM pending publication of annual accounts
TLA Worldwide plc (AIM: TLA), a leading athlete representation and sports marketing business, today announces an update in relation to the preparation of the Group's annual reports and accounts for the year ended 31 December 2016 (the "Accounts").
Due to continued delays in the audit process relating to the issues identified in the announcements made by TLA on 26 April 2017, 1 June 2017 and 19 June 2017, the Group will not be in a position to publish its Accounts by 30 June 2017 as required by Rule 19 of the AIM Rules for Companies (the "AIM Rules") and the Companies Act 2006.
The audit of the Accounts is near to being substantially complete, the forensic review of the Group's accounting records for the year ended 31 December 2015 and 2016 is complete and work is ongoing in relation to a review of accounting records for the first five months of 2017. The results will be announced and the Accounts published as soon as possible.
As detailed in the Group's announcement on 19 June 2017, the Board, along with its advisers, are reviewing the financial procedures within the US business and the Group more widely to ensure that the issues that have arisen, or any of a similar nature, will not occur in the future. The process is being led by the Group's interim CFO.
Dealings in TLA's ordinary shares (the "Ordinary Shares") will therefore be temporarily suspended under AIM Rule 40 with immediate effect until such time as the Accounts have been duly published in compliance with AIM Rule 19.
Notwithstanding the suspension of trading in the Ordinary Shares, the Company will continue to make announcements as and when there are any developments that require announcement under the AIM Rules.
The chairman of the meeting will adjourn the Group's annual general meeting convened for 4:00 p.m. BST tomorrow at the offices of DAC Beachcroft LLP, 100 Fetter Lane, London EC4A 1BN (the "AGM"), for an indefinite period, before any of the resolutions are put to a vote. A further announcement will be made confirming the date, place and time of the adjourned AGM at the relevant time and any such notice will be made available on the Group's website at www.tlaworldwide.com. Such date will enable shareholders to consider the Accounts for at least 21 days before the adjourned AGM.
Enquiries:
TLA Worldwide plc | |
Bart Campbell, Executive Chairman Michael Principe, Chief Executive Officer | +1 212 645 2141 |
Numis Securities | |
Nick Westlake and Oliver Hardy (Nomad) | +44 20 7260 1000 |
Christopher Wilkinson (Broker) | |
Luther Pendragon | |
Harry Chathli, Alexis Gore | +44 20 7618 9100 |
About TLA
TLA is a leading athlete representation, event management and sports marketing group quoted on AIM-LSE in London. The Group derives revenues from long-term agency relationships with many prominent US and international sports stars, broadcasters and media personalities associated with major sports including the MLB, NFL, NBA, PGA tour, AFL and Olympians and cricketers. In addition, it also provides a range of services in respect of media consultancy, sports sponsorship and event creation and ownership. With over 170 full-time personnel, TLA serves its clients from 10 locations worldwide including its offices in London, UK; New York, Newport Beach and California, USA; Melbourne, Perth, Adelaide and Sydney, Australia. For more information, please visit www.tlaworldwide.com.