Possible delay in delivery of Annual Report

 

TIDMNTY 
 
RNS Number : 4296K 
Network Technology PLC 
19 April 2010 
 

                                                          Monday - 19 April 2010 
 
           Network Technology ("Network Technology" or the "Company") 
 
 Possible delay in delivery of Annual Financial Report and proposed shareholder 
                                  resolutions 
 
 
Network Technology announces that due to the current Air Traffic Control 
disruption to flights in and out of Europe and the Company's CFO, Hanne 
Bollmann's, inability to return from the US to the UK, it is possible that the 
annual audit will not be completed in time to satisfy the UKLA requirements to 
deliver the annual financial report for the year ended 31 March 2010 by the end 
of July.  It is also possible that the Professional Oversight Board ("POB") of 
the Auditing Practices Board may insist on a shadow directorship to take control 
of the audit report which may result in the filing of unaudited accounts pending 
the outcome of the POB's stance. 
 
In addition, with the increasing burden of regulation and the inability of the 
Company to use its UK listing to raise funds in order to progress its new 
product lines, the Board considers it in the best interests of shareholders to 
take the company private and relevant resolutions will be put to shareholders at 
the Annual General Meeting of the Company in due course. 
 
                                    - ends - 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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