BOS GLOBAL Holdings Limited Corporate Update (2283E)

TIDMBOS

RNS Number : 2283E

BOS GLOBAL Holdings Limited

07 February 2018

BOS GLOBAL Holdings Limited

ACN 009 087 852

AIM Release

7 February 2018

Corporate Update

BOS GLOBAL Holdings Limited ("BOS GLOBAL" or "the Company") (AIM: BOS), the software developer focused on improving productivity and creating operational efficiencies in the workplace by collecting and reporting workforce analytics, provides the following corporate update.

Nomad and AIM listing

As previously reported, RFC Ambrian ('RFC') have tendered notice to resign from being the Company's Nominated Adviser ('Nomad') and subsequently agreed to extend their appointment until today whilst the Company seeks to appoint a new Nomad. Unfortunately, efforts by the new Board to secure a suitable replacement Nomad have so far been unsuccessful. In accordance with AIM Rule 1, the Company's shares would be suspended from tomorrow (8 February 2018) as the Company will cease to have a Nomad, however the Company has been, and remains, suspended since 21 December 2017. If a replacement Nomad is not appointed within one month of 8 February 2018 then the admission of the Company's securities on AIM will be cancelled pursuant to AIM Rule 1. The Company also notes that, pursuant to AIM Rule 41, admission of its securities to AIM would also be cancelled if it remains suspended from trading for six months. Should either of these outcomes occur, the Company would continue as an unlisted Australian public company.

Working capital and audit

The Directors have been unable to secure sufficient additional working capital to satisfy the two remaining items - 12-months Working Capital and Going Concern opinion - in order to obtain audit sign-off and the publication of its annual accounts for the year ending 30 June 2017. Consequently, there will be a further delay in the notification of the annual accounts and the reconvening the AGM for the tabling of the 2017 annual report. Further details on the date and location for the AGM to be reconvened will be advised to shareholders when available.

The directors advise that as part of the attempt to secure sufficient additional working capital, the Company was not able to successfully conclude the potential equity funding of GBP1.2m referred to in the RNS dated 9 January 2018 given the uncertainty over the Company's continued Admission on AIM due to the lack of success to date in securing a new Nomad.

BOS Intellectual Property ('IP')

The Directors consider that there is market potential to generate income from sales of the existing BOS Time product and, with working capital, make a positive contribution to the Company. The Company intends to continue its strategy of business productivity software whilst assessing its 40% Equity Investment in Call Design Pty Ltd ("Call Design"). The Board continues to seek ways to realise value from the current assets owned by the group (including Call Design) in order to meet its obligations to its creditors and those owed entitlements.

The Company cautions that there can be no guarantee that there will be a successful outcome which provides the Company with the funding required, and should sufficient funding not be available in the short term to meet the Company's requirements, placing the Company into administration may be a possible outcome. The Board remains committed to seeking a viable solution and will make further announcements as appropriate.

Further updates will be announced in due course.

**ENDS**

For further information please visit www.bosglobal.com or contact:

 
 Marcus Yeoman        BOS GLOBAL           Tel: +61 (0) 8 9322 
  Chairman             Holdings Limited     4071 (Aust) 
                                            +44 (0) 7970 028 
                                            442 (UK) 
                                            E: shareholder@bosglobal.com 
===================  ===================  ============================== 
 Andrew Thomson       RFC Ambrian          Tel: +61 (0) 8 9480 
  NOMAD                Limited              2500 
===================  ===================  ============================== 
 Charles Goodfellow   Peterhouse           Tel: +44 (0) 20 7220 
  /                    Corporate Finance    9791 
  Lucy Williams        Limited 
  Broker 
===================  ===================  ============================== 
 Charlotte            St Brides Partners   Tel: +44 (0) 20 7236 
  Page /               Ltd                  1177 
  Hugo de 
  Salis 
  Financial 
  PR 
===================  ===================  ==============================

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCEDLFBVLFXBBK

(END) Dow Jones Newswires

February 07, 2018 10:42 ET (15:42 GMT)

Bos Glb Hldgs (LSE:BOS)
Historical Stock Chart
From Jan 2025 to Feb 2025