Uvenco UK plc Update, Board changes, Change of Accounting Date (1661T)

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RNS Number : 1661T

Uvenco UK plc

02 July 2018

2 July 2018

UVENCO UK PLC ("Uvenco" the "Company")

Update on suspension

Further to the Company's announcement on 22 June 2018, the Board is today providing an update to the market.

   1.    Board  and Senior Management Changes 

Sergei Kornienko, Chief Executive Officer, will step down from the Board, with immediate effect. In addition, Peter Goodman, CFO and Company Secretary, is leaving the Company today. In their place it is our intention to appoint Michael Grinman as CEO & Company Secretary, and George Bellow as non-executive director, in each case subject to the completion of satisfactory regulatory checks. Further details on the proposed new directors will be notified at the time of their appointments. Boris Belotserkovsky, Michael Jackson and Jeremy Hamer will remain as directors of the Company for the time being.

   2.    Future Business proposal 

At present the Company is a shell company, with no trading activities. It has approximately GBP1.6m of liabilities and GBP12,000 of cash at bank. Boris Belotserkovsky, non-executive director, has confirmed to the Board that he will fund the Company while it explores acquisition opportunities. A further announcement in this regard is expected to be made this week.

The Company became an AIM Rule 15 cash shell on 30 May 2018 upon completion of the sale of its trading business, and therefore must make an acquisition (or acquisitions) which constitute a reverse takeover under the AIM Rules within 6 months of that date.

The Company is currently in the early stages of evaluating the reverse acquisition of a business controlled by Boris Belotserkovsky. The business, which operates in the technology sector is recently-established but the Independent Directors believe there are significant growth opportunities if appropriate funding can be secured. There can, however, be no certainty that the acquisition will proceed, nor the terms on which it may do so.

Furthermore, as a result of the inter-company support provided by the Company to Uvenco Limited (one of the Company's trading subsidiaries whose assets were sold out of administration) over many years, the Company is a significant creditor in the administration and it is the Board's expectation that a dividend will be forthcoming in due course although it is too early to forecast the level.

   3.    Change of Accounting Reference Date 

As a result of the distraction caused by the recent administration and sale of the trading operations of the Company, the Board has decided to change the Company's accounting reference date to 30 June. The next financial period will therefore by an 18 month period ending 30 June 2018. As a result of this change, the Company's reporting calendar will be as follows:

- Audited interims for the 12 month period ending 31 December 2017 to be published by 30 June 2018 (as previously notified, the Company will not be able to publish within this deadline, but will be doing so in due course once the audit process has been completed)

- Audited results for the 18 month period ending 30 June 2018 to be published by 30 September 2018

- Unaudited interim results for the 6 month period ending 31 December 2018 to be published by 31 March 2019

Suspension

Trading on AIM in the Company's Shares will remain suspended pending clarification of its financial position and until such time as the Company has published audited financial results.

Further announcements will be made in due course.

Enquiries:

 
 Uvenco UK PLC 
 
Jeremy Hamer, Chairman         020 8879 8300 
Stockdale Securities Limited 
Tom Griffiths 
 Richard Johnson               020 7601 6100 
 

The information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.

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July 02, 2018 02:00 ET (06:00 GMT)