China Food Company PLC AIM Suspension and Change of Year End (5571K)

TIDMCFC

RNS Number : 5571K

China Food Company PLC

25 June 2014

 
   Press Release     25 June 2014 
 

China Food Company Plc

("China Food", the "Group" or the "Company")

Suspension to trading on AIM

Change of Year End

Board Changes

China Food today announces that the Board has decided to extend the Group's reporting period to 30 June 2014.

Accordingly, pursuant to AIM Rule 19, trading in the Company's shares has been suspended today, as it is not and will not be in a position to publish audited accounts for the year ended 31 December 2013 prior to the deadline of 30 June 2014. Prior to restoration the Company is required to publish audited results and failure to comply with this requirement within six months of the date of suspension is likely to lead to cancellation of the Company from AIM, pursuant to AIM Rule 41.

Following the announcement issued by the Company on 23 May 2014, in which it provided an update on the sale of the Animal Feed Business and other expressions of interest for the Condiments Division of the Group, the Board of China Food has taken this decision to change the year end accounting date of the Company due to the sensitivities arising from the sale of the Group's two divisions which are inter-dependent. The Board believes this decision to be in the best interest of the Company's shareholders even though such a move will lead to a suspension of the Company's shares from trading on AIM. With positive discussions still ongoing for both of the Group's divisions, the Board feels that such an extension will help these sale negotiations and allow post-balance sheet events to be reflected when the results of the Group are reported to the market.

The Company also announces today that one of the parties which have expressed an interest in the Condiments Division is associated with two of the Company's directors, Daniel Saw and Fung Shek Lee, and both have resigned from the Board of the Company in advance of further discussions.

The Company reiterates that it is pursuing these expressions of interests, which may or may not lead to the sale of the Condiments Division. In addition, in respect of the sale of the Animal Feed business, discussions are ongoing.

- Ends -

For further information:

 
 China Food Company Plc 
 John McLean, Chairman    Tel: [phone] 
                           www.chinafoodcompany.com 
 
 
 finnCap 
 Geoff Nash / Ben Thompson (Corporate   Tel: [phone] 
  Finance)                                              0500 
 
 
 
 Numis Securities 
 David Poutney (Joint Broker)   Tel: [phone] 
                                                1000 
 

Media enquiries:

 
 Abchurch Communications 
 Henry Harrison-Topham / Canace Wong     Tel: [phone] 
                                                         7714 
 [e-mail]        www.abchurch-group.com 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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