Fishing Republic PLC Company Update (7407J)

TIDMFISH

RNS Number : 7407J

Fishing Republic PLC

06 December 2018

Fishing Republic plc

("Fishing Republic" or "the Company" or "the Group")

Company Update

Fishing Republic announces that, further to the recent updates on its financial position, it has not been possible to raise sufficient equity or other funding for its immediate and future working capital requirements.

As a consequence, the directors of Fishing Republic Trading Limited, the Company's 100% owned subsidiary, having taken advice from Leonard Curtis Recovery Limited ("Leonard Curtis"), have today filed an application to appoint administrators to this company. The filing of the administration application triggers a moratorium preventing most creditor or other third-party action against this company or its assets. The application is likely to be heard in Court next week at which point it is expected that Leonard Curtis will be appointed as administrators. Steps to appoint administrators to the Company's other 100% owned subsidiary, Fishing Republic Retail Limited, are likely to occur in due course. The directors and Leonard Curtis continue to explore options for Fishing Republic plc and no decision has yet been reached on whether it will be placed into administration.

Leonard Curtis has received indicative offers from parties interested in acquiring some or all of the Group's assets.

A further announcement will be made as soon as is practicable.

The Company's shares remain suspended from trading on AIM.

Status of Nominated Adviser

As stated above, the Company has not been successful in its fundraising activity. Further to the announcement on 30 November 2018, if the Company has failed to appoint a replacement Nominated Adviser by 4 March 2019 the admission of its AIM Securities will be cancelled.

Enquiries:

 
Fishing Republic plc                  T: 020 3178 6378 (today) 
 James Newman, Executive Chairman 
 
KTZ Communications Limited            T: 020 3178 6378 
Katie Tzouliadis, Emma Pearson 
 
Northland Capital Partners Limited    T: 020 3861 6625 
Nominated Adviser and Broker 
Matthew Johnson, Jamie Spotswood, 
 David Hignell (Corporate Finance) 
Abigail Wayne, Rob Rees (Corporate 
 Broking) 
 
 

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December 06, 2018 12:30 ET (17:30 GMT)