Safestyle UK PLC Fundamental Change of Business & AIM Cash Shell (2661S)

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RNS Number : 2661S

Safestyle UK PLC

03 November 2023

03 November 2023

Safestyle UK plc

("Safestyle" or the "Company")

Fundamental Change of Business and AIM Rule 15 Cash Shell

On 30 October 2023, Safestyle announced that administrators had been appointed to its subsidiaries H.P.A.S. Limited, Style Group Holdings Limited and Style Group UK Limited.

Upon the appointment of the administrators, Safestyle ceased to control and/or conduct substantially all of its business activities and assets and, as a consequence, Safestyle is now regarded as an AIM Rule 15 cash shell ("AIM Rule 15 Cash Shell"). In light of such developments, the Directors are now taking legal advice and are likely to be required to place Safestyle into liquidation in due course.

As an AIM Rule 15 Cash Shell, Safestyle is required to make an acquisition, or acquisitions, which constitutes a reverse takeover under AIM Rule 14 or seek to become an investing company pursuant to AIM Rule 8 within six months from 30 October 2023, failing which its shares will remain suspended. Given the liquidation process which is now expected to commence, Safestyle is not currently pursuing such a transaction and it is therefore anticipated that once liquidators have been appointed, the admission to trading on AIM of the Company's ordinary shares will be cancelled.

For further information:

 
 Safestyle UK plc                              via FTI Consulting 
  Rob Neale, Chief Executive Officer 
  Phil Joyner, Chief Financial Officer 
 Zeus (Nominated Adviser & Joint Broker)       Tel: [phone] 
  Dan Bate / James Edis (Investment Banking) 
  Dominic King (Corporate Broking) 
 Liberum Capital Limited (Joint Broker)        Tel: [phone] 
  Jamie Richards / William King 
 FTI Consulting (Financial PR)                 Tel: [phone] 
  Alex Beagley / Sam Macpherson / Amy Goldup 
 

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November 03, 2023 03:05 ET (07:05 GMT)