Update re: Suspension of Trading (3358D)

TIDMROM

RNS Number : 3358D

Romag Holdings PLC

22 March 2011

Romag Holdings PLC

("Romag" or the "Company")

Update re: Suspension of Trading

Background

On 31 January 2011, the Board of Romag requested the immediate suspension of trading in the Company's shares following the disclosure of a payment into the Company's trading subsidiary, Romag Limited, by the then Chairman, John Kennair MBE.

Subsequent to this announcement, the non-executive directors commissioned an investigation into the transactions undertaken along with an independent review of the Company's accounts, to be conducted by KPMG.

This investigation has indentified the need for accounting adjustments which will require the restatement of the Company's prior year accounts. Accordingly, the Company will be unable to publish its Report and Accounts for the full year ended 30 September 2010 within the six months required under the AIM Rules for Companies and as such will remain suspended until such time as the accounts can be published.

Strategic developments

The Company has been considering with its advisers its strategic options in conjunction with its bank, Lloyds Banking Group ("LBG") and has appointed Deloitte to assist. LBG remain supportive of the business.

Further announcements

The Board will make a further announcement as soon as possible.

Enquiries:

 
 Romag Holdings PLC               Tel: +44 (0) 1207 
  David Gray, Chairman             500 000 
  Peter Allan, Deputy Chairman 
  David Banks, Finance Director 
 
 Altium                           Tel: +44 (0) 845 
  Adrian Reed                      505 4343 
 
 Deloitte                         Tel: +44 (0) 113 
  Dan Butters                      292 1279 
  Roger Esler                      Tel: +44 (0) 113 
  Dan Renton                       292 1250 
                                   Tel: +44 (0) 113 
                                   292 1720 
 
 Kreab Gavin Anderson             Tel: +44 (0) 20 
  Ken Cronin                       7074 1800 
  Michael Turner 
  Natalie Biasin

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCJBMATMBJTBTB

Romag Holdings (LSE:ROM)
Historical Stock Chart
From Oct 2024 to Nov 2024