Update on continued suspension

 

TIDMOEM 
 
RNS Number : 9830R 
OEM PLC 
08 May 2009 
 
On the 3rd March 2008, the Company requested the Financial Services Authority to 
suspend the listing of its ordinary shares, as it was unable to publish 
financial information for the half year to 31st Dec 2007 in accordance with the 
Disclosure and Transparency rules. 
 
The Annual Report and Accounts to June 2007 were delayed due to litigation 
against the Estate of Brian Schneider, the Company's former CEO and others. Save 
for agreement of the associated legal fees, this litigation has been settled and 
a substantial proportion of the unlawfully appropriated funds have been returned 
to the company. 
 
Due to the appointment of an LPA Receiver over a property of which the Company 
is the legal, but not beneficial owner, the Company is currently unable to file 
its Report & Accounts for either 2007 or 2008. 
 
The Directors intend to convene an Extraordinary General Meeting when the 2007 
and 2008 Report and Accounts are filed with Companies House. 
 
The Company takes this opportunity to thank Charles Douglas for his time and 
effort as a Non-Executive Director, he has resigned due to his overseas travel 
commitments in connection with other roles. 
 
The Board is in the process of reviewing all current and future operations and 
will update the market in due course. 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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