Flowgroup plc Further re. suspension of trading on AIM (3413C)

TIDMFLOW

RNS Number : 3413C

Flowgroup plc

28 September 2018

Flowgroup plc

("Flowgroup" or the "Company")

Further re. suspension of trading on AIM

Further to the Company's announcement on 20 June 2018, regarding its ongoing negotiation with creditors, the delay in the publication of its audited full year accounts and its subsequent suspension of trading on AIM on 2 July 2018, the Company provides the following update.

The Company has been in discussions with its creditors regarding the settlement of sums owed, whilst progress has been made, it is yet to reach final agreements. Accordingly, the Company is not currently able to determine a date by which it will be able to publish its audited accounts for the full year ended 31 December 2017 ("2017 Accounts"), nor its half year accounts for the six months ended 30 June 2018 ("2018 Interims").

The Company reminds shareholders that it became an AIM Rule 15 cash shell following completion of the sale of Flow Energy Limited on 1 May 2018 and therefore has until 1 November 2018 to undertake a reverse takeover otherwise a further suspension will be incurred, in addition to the Company's existing suspension from trading, which commenced on 2 July 2018 resulting from failure to publish its 2017 Accounts. If an agreement with creditors is reached, and the Company is able to publish its 2017 Accounts and 2018 Interims before 2 January 2019, there is a possibility that the Company's suspension may be extended.

The Company will update shareholders in any event as to the arrangements with its creditors. Consistent with previous announcements, the Company does not expect any value to be distributed to shareholders in any scenario once an agreement with creditors is reached.

Enquiries:

 
Flowgroup plc                                                       www.flowgroup.uk.com 
Alan Lovell, Chairman                                           Tel: [phone] 
 
 
Cenkos Securities plc (NOMAD and Broker)                        Tel: [phone] 
Stephen Keys/Mark Connelly/Callum Davidson (Corporate Finance) 
 
 
 

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September 28, 2018 05:46 ET (09:46 GMT)