Koovs PLC Intention to Appoint Administrators and Suspension (3872W)

TIDMKOOV

RNS Number : 3872W

Koovs PLC

10 December 2019

10 December 2019

Koovs plc

("Koovs" or the "Company")

Intention to Appoint Administrators, Trading Suspension, Nomad Resignation

Further to the Company's announcement on 18 November 2019, Koovs plc (AIM: KOOV) is disappointed to announce that, as a result of the failure by its largest shareholder, Future Lifestyle Fashions Limited (part of Future Group, India's largest retail group), to fulfil a contractual commitment to invest a further GBP6.5 million into the Company, and the failure by the Company to secure alternative sources of funding, the Board of Koovs plc has resolved to apply to place Koovs plc into administration.

The Board expects that the business and assets of Koovs will be purchased from the administrator by a company connected to the Company's largest secured creditor, Waheed Alli, ensuring the continuation of the operating business.

A further announcement will be made in due course regarding the appointment of the administrator.

Suspension of trading and resignation of Nominated Adviser

Shares in the Company have been suspended from trading on AIM effective from 11.30 a.m. today.

Strand Hanson Limited has resigned as Nominated Adviser to the Company with immediate effect.

Pursuant to Rule 1 of the AIM Rules for Companies, if a replacement Nominated Adviser is not appointed within one month, the admission of the Company's securities will be cancelled on AIM. The Company has no current intention of appointing a replacement Nominated Adviser.

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For further information please contact:

Koovs plc

Mary Turner / Robert Pursell

[e-mail]

Media enquiries:

Newgate Communications

Clotilde Gros / Adam Lloyd

Tel: [phone]

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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(END) Dow Jones Newswires

December 10, 2019 06:55 ET (11:55 GMT)