NMCN PLC Update on 2020 results, temporary suspension (4535D)

TIDMNMCN

RNS Number : 4535D

NMCN PLC

29 June 2021

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018

29 June 2021

("nmcn" or "the Company" or "the Group")

Update on 2020 results, temporary suspension of share trading

On 16 April 2021 the Company announced that its audited financial statements for year ended 31 December 2020 (the "2020 Results") were expected to be published by 30 June 2021. However, the audit is still ongoing mainly in respect of concluding the determination of contract costs to complete and recognition of recoveries.

As a result of this additional work, it will not be possible to publish the 2020 Results by 30 June 2021. This is the last date permitted for publication of the 2020 Results under the Financial Conduct Authority's (the "FCA") Disclosure Guidance and Transparency Rules (as modified by the temporary relief granted to all listed companies by the FCA on 26 March 2020).

The Board has therefore, in accordance with Chapter 5.3 of The Listing Rules, engaged with the FCA to request a temporary suspension of the Company's shares from the official list and from trading on the premium segment of the Main Market of the London Stock Exchange. The suspension will take effect from 8.00 a.m. on 29 June 2021 and continue until publication of the 2020 Results. The Company's priority and focus is the production of the 2020 Results at the earliest possible date.

The Company continues to work with Svella Plc and its advisors in order to conclude the required documentation to convene a general meeting to seek shareholder approval to complete the refinancing at the earliest opportunity.

Andrew Tinkler, Chairman of Svella Plc, commented:

"We note the technical requirement to suspend trading of the Company shares pending publication of its 2020 Results. We understand that the Company is working with its auditors to close out these historic matters as a priority. Svella continues to work with the Company to progress this recapitalisation which will provide the required capital to allow the Company to achieve its growth potential as set out in the announcement on 21 June 2021."

A further announcement will be made in due course as appropriate.

Enquiries:

nmcn Plc - [phone]

Ian Elliott, Chairman

Lee Marks, Chief Executive

Alan Foster, Chief Financial Officer

Svella Plc - [phone]

Andrew Tinkler

Ben Whawell

www.svella.com

About nmcn

nmcn Plc (TIDM: NMCN) is a leading engineering and construction company in the UK. Its talented 1,700-strong team offers multi-sector engineering and construction skills, technical innovation, design, and specialist fabrication.

The Company delivers major built environment and water industry projects across the UK - from buildings and highways to large-scale water networks and treatment plants. With its history dating back to 1946, nmcn now has 12 UK offices and three off-site manufacturing facilities.

LEI Number: 213800ANYQVA5OS51A68

www.nmcn.com

IMPORTANT INFORMATION

The issue of this announcement shall not, for the avoidance of doubt, in any circumstances, create any implication that nmcn shall be required to provide any further updates on the status of any matters contemplated in this announcement (save as may be required by law or regulation).

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June 29, 2021 03:00 ET (07:00 GMT)