Naibu Global International Co PLC Update (1687F)

TIDMNBU

RNS Number : 1687F

Naibu Global International Co PLC

18 February 2015

 
 Press Release   18 February 2015 
 

Naibu Global International Company Plc

("Naibu", the "Company" or the "Group")

Update

Following the announcement made on 9 January 2015, the non-executive Directors of Naibu are disappointed to report that they have been unable to obtain any information regarding the Company's trading operations in China, and therefore they are currently unable to provide shareholders with any update on the financial position of the Company. Neither Mr. Lin Huoyan, the Chairman, nor Mr. Lin Congdeng, executive Director, have responded to requests from the non-executive Directors to provide such information.

The non-executive Directors understand that market conditions have continued to be difficult and negotiations with distributors still have to be successfully concluded. They believe trade debtors have increased substantially, but in the absence of further information from the executive Directors, they are unable to assess the extent of this or the current financial position of the Company.

In order to clarify the position, the non-executive Directors have appointed KPMG to prepare a report on the Group's financial position, following which the non-executive Directors will decide what steps to take regarding the continuing business of the Group. The non-executive Directors have asked Mr Lin to co-operate with KPMG in the preparation of this report, although as yet, he has not indicated he will do so. The non-executive Directors are exploring what further steps they can take to ensure that this report is prepared in a timely fashion.

The non-executive Directors are endeavouring to restore the Group to normal operations, with a view to preserving shareholder value and with the objective of allowing trading in the Company's shares to resume as soon as practicable.

Further announcements will be made as appropriate; following resolution of the current management issues, completion of KPMG's report and of the audit for the year ended 31 December 2014.

- Ends -

For further information:

 
 Naibu Global International Company    Tel: [phone] 
  Plc                                                  7700 
 Giles Elliott, Non-Executive Deputy          www.naibu.com 
  Chairman 
 
 
 ZAI Corporate Finance Limited   Tel: [phone] 
                                                 2220 
 Tom Price 
 

Media enquiries:

 
 Abchurch Communications 
 Henry Harrison-Topham / Quincy Allan     Tel: [phone] 
                                                          7700 
 [e-mail]               www.abchurch-group.com 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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