3 Nov 2023 07:05
03 November 2023
Safestyle UK plc
("Safestyle" or the "Company")
Fundamental Change of Business and AIM Rule 15 Cash Shell
On 30 October 2023, Safestyle announced that administrators had been appointed to its subsidiaries H.P.A.S. Limited, Style Group Holdings Limited and Style Group UK Limited.
Upon the appointment of the administrators, Safestyle ceased to control and/or conduct substantially all of its business activities and assets and, as a consequence, Safestyle is now regarded as an AIM Rule 15 cash shell ("AIM Rule 15 Cash Shell"). In light of such developments, the Directors are now taking legal advice and are likely to be required to place Safestyle into liquidation in due course.
As an AIM Rule 15 Cash Shell, Safestyle is required to make an acquisition, or acquisitions, which constitutes a reverse takeover under AIM Rule 14 or seek to become an investing company pursuant to AIM Rule 8 within six months from 30 October 2023, failing which its shares will remain suspended. Given the liquidation process which is now expected to commence, Safestyle is not currently pursuing such a transaction and it is therefore anticipated that once liquidators have been appointed, the admission to trading on AIM of the Company's ordinary shares will be cancelled.
For further information:
Safestyle UK plc Rob Neale, Chief Executive Officer Phil Joyner, Chief Financial Officer
| via FTI Consulting |
Zeus (Nominated Adviser & Joint Broker) Dan Bate / James Edis (Investment Banking) Dominic King (Corporate Broking)
| Tel: 0203 829 5000 |
Liberum Capital Limited (Joint Broker) Jamie Richards / William King
| Tel: 0203 100 2100 |
FTI Consulting (Financial PR) Alex Beagley / Sam Macpherson / Amy Goldup
| Tel: 0203 727 1000 |