25 Jul 2023 13:17
25 July 2023
TRACKWISE DESIGNS PLC
("Trackwise", the "Company" or the "Group")
Notice of Intention to Appoint Administrators
On 24 July 2023, the Company announced the decision of the Board to pursue a sale of the Company's trading operations.
Whilst this sale process has just been initiated, due to the Group's current financial uncertainty and in light of increased creditor pressure, following discussions with its advisors the Board has resolved to today file a notice of intention to appoint administrators to the Company. Unless circumstances change, the Board intends in due course to appoint administrators in accordance with statutory requirements.
Trading in the Company's ordinary shares on AIM remains suspended pursuant to the notice of 03 July 2023.
Further announcements will be made in due course.
Enquiries
Trackwise Designs plc | +44 (0)1684 299 930 |
Philip Johnston, CEO | www.trackwise.co.uk |
Paul Cook, CFO
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FRP Advisory Trading Limited
finnCap Ltd | trackwise@frpadvisory.com
+44 (0)20 7220 0500 |
NOMAD and Broker | |
Ed Frisby/Fergus Sullivan - Corporate Finance Andrew Burdis/Barney Hayward - ECM
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The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.