People's Operator Shares Drop After Company Says it Can't Publish 2017 Results

By Oliver Griffin

Shares in People's Operator PLC (TPOP.LN) fell Tuesday after the company said it can't publish its 2017 annual audited accounts by June 30, and that its shares will subsequently be suspended from trading.

The company said that the results were delayed as it remains in talks with Barclays PLC (BARC.LN), its sole creditor, regarding the use of proceeds from the disposal of its U.S. business. The company is also seeking a loan to cover its expenses until the proceeds are received.

On June 8, People's Operator said it agreed to sell its U.S. business to Ting Inc. for $700,000 and that it was discussing with Barclays how much of the sale proceeds would be needed to pay its outstanding debt of 1 million pounds ($1.3 million). The company warned that, if the bank requested all of the proceeds, it would urgently need additional funding.

A week later, the company said that Barclays requested that the proceeds be placed into a security realization account, to be released only if it could raise funds for its U.K. business.

With discussions between People's Operator and its lender continuing, the company said its auditor hasn't been able to sign off on its 2017 results.

The company also said that its shares are expected to be suspended on July 2 until the accounts for 2017 are published, in accordance with AIM rules.

Shares at 1337 GMT were down 28% at 0.01 pence per share.

Write to Oliver Griffin at [e-mail]

(END) Dow Jones Newswires

June 26, 2018 10:10 ET (14:10 GMT)

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