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UBG Unbound Group Plc

0.75
0.00 (0.00%)
14 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Unbound Group Plc LSE:UBG London Ordinary Share GB0003085445 ORD GBP0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.75 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Unbound Group PLC Delayed publication of accounts and AIM Rule 15 (2888H)

26/07/2023 12:25pm

UK Regulatory


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RNS Number : 2888H

Unbound Group PLC

26 July 2023

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

Unbound Group plc

(" Unbound", the "Company" or the "Group")

Delayed publication of accounts and AIM Rule 15 cash shell

Delayed publication of accounts

Further to the Company's announcement on 17 July 2023, the Company's board of directors (the "Board") confirms that the publication of the Group's annual report and accounts for the year ended 5 February 2023 ("Annual Report") will be delayed and will not be published by 5 August 2023, which is the deadline pursuant to Rule 19 of the AIM Rules for Companies ("AIM Rules"). The Company continues to work with RSM UK Group LLP as auditor with a view to publishing the Annual Report as soon as reasonably practicable.

Notwithstanding the fact that trading in the Company's ordinary shares on AIM has been suspended since 07.30 a.m. on 17 July 2023 pending clarification of the Company's financial position, the Company's ordinary shares would in any event be suspended from trading on AIM with effect from 07.30 a.m. on 7 August 2023 due to the Annual Report not being published by 5 August 2023.

AIM Rule 15 cash shell

The disposal of the business and assets of the Group's main operating subsidiary, Beaconsfield Footwear Limited (in administration), which completed on 18 July 2023 as announced by the Company on that date, is deemed to be a disposal that divests the Company of all, or substantially all of its trading businesses, activities or assets (pursuant to Rule 15 of the AIM Rules). Accordingly, with effect from 18 July 2023, Unbound Group plc is regarded, pursuant to the AIM Rules, as an AIM Rule 15 cash shell with no operating business.

As an AIM Rule 15 cash shell, the Company must make an acquisition or acquisitions which constitutes a reverse takeover under AIM Rule 14 (including seeking re-admission under the AIM Rules) within six months from 18 July 2023. Alternatively, within such time period, the Company can seek to become an investing company pursuant to AIM Rule 8, which requires, inter alia, the raising of at least GBP6 million and the publication of an admission document. If the Company does not complete a reverse takeover under AIM Rule 14 or seek re-admission to trading on AIM as an investing company pursuant to AIM Rule 8 (either being a "Re-admission Transaction") within such six month period, the Company's ordinary shares would be suspended from trading on AIM pursuant to AIM Rule 40 (noting that the ordinary shares are already suspended from trading on AIM as detailed above). Thereafter, if a Re-admission Transaction has not been completed within a further six month period, admission to trading on AIM of the Company's ordinary shares would be cancelled.

The Board continues to review the options available to Unbound Group plc. The Company will provide further updates as appropriate.

Enquiries

 
 Unbound Group plc                               c/o Alma PR 
  Neil Johnson, Chairman 
  Ian Watson, CEO 
  Gavin Manson, CFO 
 Singer Capital Markets (Nominated Adviser 
  & Broker) 
  Peter Steel / Tom Salvesen / Alaina Wong 
  / James Fischer                                 +44 (0)20 7496 3000 
 Alma PR Limited (Financial PR)                  +44 (0)20 3405 0205 
  Josh Royston / Sam Modlin / Hannah Campbell     unbound@almapr.co.uk 
 

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END

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(END) Dow Jones Newswires

July 26, 2023 07:25 ET (11:25 GMT)

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