Abal Group PLC Update and Directorate Change (5043R)
March 01 2019 - 2:01AM
UK Regulatory
TIDMABAL
RNS Number : 5043R
Abal Group PLC
01 March 2019
1 March 2019
Abal Group plc
(the "Company")
(AIM: ABAL)
Update and Board Changes
The directors are pleased to provide an update following the
sale of the Company's business and assets ('the Sale') announced on
5 February 2019.
The Company became an AIM Rule 15 Cash Shell on 5 February and,
as such, the Company is required to make an acquisition or
acquisitions which constitutes a reverse takeover under AIM Rule 14
(including seeking re-admission as an investing company (as defined
under the AIM Rules)) on or before the date falling six months from
5 March 2019 or be re-admitted to trading on AIM as an investing
company under the AIM Rules (which requires the raising of at least
GBP6 million) failing which, the Company's Ordinary Shares will
then be suspended from trading on AIM pursuant to AIM Rule 40.
Admission to trading on AIM would be cancelled six months from the
date of suspension should the reason for the suspension not have
been rectified.
The Board is now focused on examining acquisition opportunities
with the intention of selecting one or more for detailed
evaluation, which could lead to a reverse takeover under AIM Rule
14.
Angus Forrest, who joined the Company in July last year as its
chief executive, was tasked with saving, and improving, the
Company's business. Having both invested in the Company and
achieved those objectives, this led to interest from parties in
acquiring the business which in turn resulted in the Sale.
Following the Sale it has been mutually agreed that Mr Forrest
would leave and he has stepped down as a director with effect from
28 February 2019.
Simon Charles, chairman of Abal Group Plc, said "Angus was
instrumental in stabilising and starting the rebuild of the
business, which has been to the benefit of the Company's various
stakeholders. The board thanks him for his significant efforts and
achievement since his arrival and wishes him all the very best for
his future endeavours."
Shawn Taylor, finance director, has agreed to step down as a
director and employee with effect from 29 March 2019 and will work
with the remaining directors to effect an orderly handover of the
Company's affairs. The board would like to thank Mr Taylor for his
efforts since taking the Company public and wishes him well for the
future.
The Company is currently reviewing a number of candidates as
potential non executive directors, each of whom is active and
experienced in different aspects of the technology sector and will
make an announcement about an appointment in due course.
Abal plc St@abalplc.com
Shawn Taylor
WH Ireland NOMAD and Broker Tel: 0117 945 3471
Mike Coe / Chris Savidge
Peterhouse Corporate Finance (Joint Tel: 020 7469 0936
broker)
Lucy Williams / Duncan Vasey
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END
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