Last checked at 9 Jul 2008 15:45
9 July 2008
Sareum Holdings plc ("Sareum" or "the Company")
Suspension of trading of Sareum shares on AIM
On 19 June 2008, the Company announced that the board of Sareum ("the Board") believed that the Company needed to undertake a strategic transaction and that should the Board decide within a short timescale that a strategic transaction is not achievable, the Board would take a decision as to the future of the Company in its present form, as the Company would not be able to continue operations without a significant fundraising.
Since 19 June, the Board has continued to progress discussions with a number of parties, including in respect of a possible reverse transaction, but at this time does not consider that it will be able to conclude a strategic transaction for several months. Further, in the current difficult financial markets, the Board does not consider that it will be possible to achieve a significant fundraising to enable the Company to continue operations in its present form although the Board may still need to secure interim funding to enable it to complete a strategic transaction.
In view of the uncertainty that the Company will be able to raise funds or complete a strategic transaction, the Board has requested a suspension of trading in its shares on AIM.
Contacts:
| Sareum Holdings plc | 01223 497700 |
| Tim Mitchell, Chief Executive Officer |
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| Buchanan Communications | 020 7466 5000 |
| Tim Anderson, Mary-Jane Johnson |
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| Grant Thornton UK LLP | 020 7383 5100 |
| Philip Secrett, Colin Aaronson |
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