26 Jun 2019 07:00
26 June 2019
RM2 International S.A.
("RM2" or the "Company")
Accounts Publication Timetable and Trading Update
Accounts Publication Timetable
As previously announced, RM2 is currently seeking near-term funding. To that end, over the past several months, the Company has been in discussions with a number of potential lenders.
As of today's date, a binding offer of funding is yet to be received by the Company from potential lenders. The Company will continue discussions with potential lenders over the next few weeks, however shareholders should be aware that there is no guarantee any offer of funding will be on acceptable terms to the Company, or be forthcoming at all.
Pending confirmation of interim funding, the Group and its auditors are unable to finalise the audit of its annual financial statements for the year ended 31 December 2018 ("2018 AFS"). Consequently, there is a strong likelihood the Company will not be in a position to publish its 2018 AFS by 30 June 2019 as required by Rule 19 of the AIM Rules for Companies ("AIM Rules").
Accordingly, dealings in the Company's ordinary shares will most likely be temporarily suspended from trading on AIM with effect from 7.30 a.m. on Monday 1 July 2019 until such time as the Company's 2018 AFS have been published in compliance with AIM Rule 19.
Further announcements will be made at the appropriate time. 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 disclosure under the AIM Rules.
Trading update
Ramp-up of pallet deployment in the pharmaceutical sector continues and the Company has recently signed further contracts in the food preparation sector, based on recommendations from a Fortune 100 company which prescribes the use of RM2 pallets by its suppliers. Discussions for a large contract with a well-known multinational are promising and the Company hopes to be in a position to announce the signature of that contract in the near future.
The Company's cash balance at the end of May 2019 was US$3.3 million. The Company's expected monthly cash burn including cash being invested in the production of pallets to meet demand, is approximately US$2.3 million, prior to any deferral of scheduled payments.
For further information:
RM2 International S.A. | +44 (0)20 7638 9571 |
Kevin Mazula, Chief Executive Officer Jean-Francois Blouvac, Chief Financial Officer | |
Strand Hanson Limited (Nominated & Financial Adviser and Broker) | +44 (0)20 7409 3494 |
James Spinney / Ritchie Balmer / James Bellman
|
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 ("MAR").
Notes to Editors
RM2 International S.A. specialises in pallet development, manufacture, supply and management to establish a leading presence in global pallet supply and improve the supply chain of manufacturing and distribution businesses through the effective and efficient use and management of composite pallets. It is quoted on the AIM market of the London Stock Exchange under the symbol RM2.L. For further information, please visit www.rm2.com