24 May 2019 07:30
The information communicated in this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Embargoed until 0730 on 24 May 2019
Redhall Group plc
("Redhall" or the "Company")
Trading update
Suspension of trading on AIM
Further to the trading update released on 1 May 2019, Redhall announces that overall trading remains challenging and that the Company's short-term cash flows are under pressure, in particular, with regard to certain tax liabilities.
The board of Redhall (the "Board") has been in active discussions with certain of the Company's major shareholders and creditors to provide additional funding capacity to allow the Company to alleviate the short-term cash flow pressure. However, it is now clear that there is no reasonable prospect that a viable solution for additional funding capacity can be found and the Board is now investigating all alternative options to optimise value for the Company's stakeholders. The Board notes that the outcome of this process and its impact on the Company's stakeholders remains uncertain.
The Board has requested that the Company's ordinary shares be suspended from trading on AIM pending clarification of the Company's financial position.
A further update will be made as and when appropriate.
Contact details:
Redhall Group plc | Tel: +44 (0) 1924 385 386 |
Joe Oatley, Chairman |
|
Buchanan, PR Adviser | Tel: +44 (0) 20 7466 5000 |
Mark Court, Sophie Wills, Hannah Ratcliff |
|
|
|
GCA Altium, Nominated Adviser | Tel: +44 (0) 20 7484 4040 |
Tim Richardson |
|
|
|
WH Ireland, Broker | Tel: +44 (0) 20 7220 1666 |
Adrian Hadden, Jessica Cave |
|