17 Jun 2019 08:40
RNS ANNOUNCEMENT: The information communicated in this announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.
17 June 2019
MBL GROUP PLC
("MBL" or the "Group" or the "Company")
Settlement of claim and Cancellation update
The Board of MBL Group plc (AIM: MUBL) announces that the Company has agreed terms for the settlement of a claim, summary details of proceedings in respect of which claim had been outlined in the announcement released on 24 December 2018, and referenced in Note 18 in the Group's 2018 Annual Report and Accounts.
The cost to the Company of settling the claim includes the settlement sum (£165,000) and additional exceptional costs in relation to the claim, that will require finalisation and the Company's auditors' consideration.
The current unaudited cash balance is approximately £570,000.
Cancellation update
Shareholders will be aware that the Company became an AIM Rule 15 Cash Shell on 15 June 2018, with suspension in trading of the Company's ordinary shares on AIM on 17 December 2018. The Company confirms that, on the basis that a reverse takeover (as defined in AIM Rule 14) will not be completed by 17 June 2019, as none is currently under negotiation; trading in the Company's Ordinary Shares on AIM, which is currently suspended, will cease at the close of business today, Monday 17 June 2019, with cancellation of Admission to trading on AIM taking effect from 7.00 a.m. on Tuesday 18 June 2019.
In addition, once Cancellation has occurred, the Board intends to consult with shareholders regarding the future of the Company and the desire for a return of capital.
--ENDS-
For further information please contact:
MBL Group plc Tel: 01454 777 831
Anton Lane, Chairman
SPARK Advisory Partners Limited Tel: 0113 370 8970
Mark Brady
SI Capital Limited Tel: 01483 413500
Nick Emerson