29 Apr 2019 17:22
Tex Holdings plc
The Board of Tex Holdings plc has today asked the FCA to suspend the listing of the Ordinary Shares of Tex Holdings plc. The reason for this has been its inability to supply audited accounts for the year to 31st December 2018 within the permitted four month period. Outstanding issues still need to be dealt with in support of future forecasts and cashflows.
We also refer to a statement in our Trading Update dated 15th April 2019 which read as follows:
"The major shareholder has indicated its current intention is to continue to support the Group, noting in particular that a change in accounting treatment has been a partial cause of the bank covenants being breached."
After discussion with the Company's auditors, it is now evident that the auditor's opinion that accountancy standard IFRS15 has not been the cause of the breach of bank covenants is correct. Rather, the cause of the breach had been weak trading in the second half of the year. The major shareholder has however reconfirmed his intention to support the company.
The Company has made arrangements for additional resources to be made available to its finance department to assist the completion of the audit.
Enquiries
C.A. Parker
01473-830144