Toople PLC Appointment of Liquidators (6610G)

TIDMTOOP

RNS Number : 6610G

Toople PLC

16 November 2022

16 November 2022

Toople PLC

("Toople" or the "Company")

Appointment of Liquidators

On 19 October 2022. Toople, (LSE: TOOP) announced that it had requested that the listing in its ordinary shares be suspended with immediate effect owing to the fact that despite the Company finding a viable acquisition opportunity it had been unable to raise the required financing to complete it and to raise further working capital to support the enlarged group. In view of this the Directors immediately took appropriate advice and resolved to appoint an administrator with immediate effect to preserve value for creditors.

On 11 November 2022, the trade and assets of the group's two trading subsidiaries, toople.com and Direct Market Services were sold via a pre-pack administration to an existing operator, thus securing continuity of service to the Group's broadband customers, resellers and direct customers.

Following the sale of the main trading subsidiaries and following consultations with the Group's advisers, the Board of Toople PLC have resolved to put the Group into Creditors Voluntary Liquidation with immediate effect and have appointed FRP Advisory to conduct this process. The Board currently expects that, in due course, the listing of the Company's ordinary shares will be cancelled, any residual value will be distributed to the Company's shareholders and the Company will be wound up.

-ends-

For further information please visit www.toopleplc.co .uk or contact:

 
 Toople PLC                     Tel: [phone] 
  Greg Bryce, Chief Executive 
  Officer 
 Novum Securities Limited       Tel: [phone] 
  David Coffman 
  Colin Rowbury 
 

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November 16, 2022 08:32 ET (13:32 GMT)