26 Jul 2019 17:43
26 July 2019
Peel Hotels Plc (the "Company")
TEMPORARY SUSPENSION OF SHARE TRADING
DELAYED PUBLICATION OF RESULTS FOR FINANCIAL YEAR ENDED 27 JANUARY 2019
PROPOSED DELISTING
Peel Hotels Plc today announces that the Directors have concluded that the Company will not be able to publish its annual audited accounts for the year end 27 January 2019 (the "Accounts") by 27 July 2019 as required by Rule 19 of the AIM Rules for Companies (the "AIM Rules").
The Company is in the process of finalising the audit and the results will be announced, and the Accounts published, as soon as possible - which the Company expects to be by Friday 2 August at latest. The delay is not related to the Company's trading, cash flows or other underlying economic position, but instead concerns the receipt of certain third party Bank confirmations which have not yet been provided to the auditor.
Dealings in the Company's ordinary shares will therefore be temporarily suspended under AIM Rule 40 from 7.30 a.m. on Monday 29 July 2019 until such time as the Accounts have been duly published in compliance with AIM Rule 19.
In conjunction with publication of the Accounts, the Company will make a proposal to its shareholders for the delisting of the Company's shares from AIM. As a result of a review of the benefits and drawbacks of being a listed company, the Board of the Company has concluded that the cancellation of admission of its Ordinary Shares to trading on AIM ("Cancellation") is in the best interests of the Company and its Shareholders as a whole.
The Company therefore announces its intention to seek Shareholders approval for the Cancellation. An explanatory circular will be posted to Shareholders (the "Circular") setting out the background to and reasons for the proposal of Cancellation, the reasons why the Directors believe that this is in the best interests of the Company and its Shareholders as a whole, and their recommendation to Shareholders to vote in favour of a resolution to approve the Cancellation - which Circular the Company expects to publish at the same time as publication of its Accounts.
Notwithstanding the temporary 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 information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.
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Peel Hotels plc
Robert Peel, Executive Chairman
020 7266 100
Peel Hunt LLP
Nominated Adviser and Broker