Globo plc Company Statement (3872D)

TIDMGBO

RNS Number : 3872D

Globo plc

26 October 2015

 
 
   FOR IMMEDIATE RELEASE 
 

GLOBO plc

("Globo" or "the Group")

Company Statement

Globo plc issues the following statement:

On Friday 23 October 2015 the Board of Directors of the Group became aware of a report published by Quintessential Capital Management ("QCM").

Following the announcement by the Company on the morning of Friday 23 October 2015, an emergency Board meeting was convened as soon as practicable for Saturday 24 October 2015 to discuss the allegations in the report and to ascertain the actions that would be required to resolve the matter. It was intended that an appropriate independent forensic accounting team be appointed to investigate the claims.

However, at the Board meeting, Costis Papadimitrakopoulos the CEO of the Group brought to the attention of the Board certain matters regarding the falsification of data and the misrepresentation of the Company's financial situation, and offered his resignation, as did Dimitris Gryparis the CFO of the Group.

Following the meeting and receipt of legal advice, a committee of the board was set up, comprising the non-executive Directors only (the "Committee"). The Committee has accepted the resignations of Costis Papadimitrakopoulos and Dimitris Gryparis from the Company with immediate effect. Gerasimos (Makis) Bonanos (the COO) has been suspended from his duties with the Company also with immediate effect, pending the outcome of appropriate investigations. All of the executive directors have agreed to make themselves available and fully co-operate with any investigations.

The Committee has initiated discussions with appropriate advisers in relation to the next steps and to ascertain the true financial position of the Company. In addition, the Committee has asked the Company's lawyers to notify the matter to the appropriate authorities and the Committee has informed the Company's principal bankers.

Further announcements will be made in due course. In the meantime the Company's shares will remain suspended from trading as per the dealing notice on Friday 23 October 2015.

ENDS

For further information please contact:

 
 
   Globo plc                                 [phone] 
 Mike Jeremy 
 
   RBC Capital Markets                       [phone] 
            (Nominated Adviser & Broker) 
       Pierre Schreuder or Ema Jakasovic 
 Brunswick Group 
  (Adviser to the independent committee 
  of the board)                              [phone] 
 Chris Blundell or Charles Pemberton 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCGRBDGXUDBGUL

(END) Dow Jones Newswires

October 26, 2015 04:19 ET (08:19 GMT)