Itsarm PLC Suspension and Corporate and Financial Update (7391N)

TIDMITS

RNS Number : 7391N

Itsarm PLC

27 September 2023

Itsarm plc

Suspension from trading and

Corporate and financial reporting update

Itsarm plc ("Itsarm" or the "Company") announces that, further to the announcement on 26 July 2023, the Company has not completed a transaction which qualifies as an AIM Rule 14 transaction. Accordingly, the Company's ordinary shares will be suspended from trading on AIM at 7:30 a.m. on 28 September 2023, pursuant to Rule 40 of the AIM Rules.

The Board continues to actively consider several business acquisition opportunities. Of these, there are two opportunities that the Board are particularly focused, one of which is a consumer/retail focused business, with the intention of undertaking a qualifying AIM Rule 14 (reverse takeover) transaction by 27 March 2024. It should be noted however that these discussions are at an early stage and there can be no guarantee that they will progress to a completed transaction. If no such transaction is completed, admission to trading on AIM will be cancelled at 7:00 a.m. on 28 March 2024.

The Company's audited financial results for the year ended 31 March 2023 ("FY23") are required, pursuant to the AIM Rules, to be announced by 30 September 2023. Based upon recent conversations between the Company and its auditors, the Company will not be able to publish its FY23 Annual Report and Accounts by this date. The Company's ordinary shares will already have been suspended from 28 September 2023, but such suspension will therefore remain in effect until the Company has both (a) published an admission document in respect of an AIM Rule 14 transaction, but also (b) having published its audited FY23 Annual Report and Accounts, in accordance with AIM Rule 19.

For further enquiries:

 
Itsarm plc 
David Craven, Non-Executive Chairman               [phone] 
 Jean-Paul Rohan, Non-Executive Director            451 
Zeus (Nomad and Broker)                            [phone] 
 David Foreman / Ed Beddows (Investment Banking)    5000 
 

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September 27, 2023 10:00 ET (14:00 GMT)