People's Operator Shares Drop After Company Says it Can't Publish 2017 Results
June 26 2018 - 10:25AM
Dow Jones News
By Oliver Griffin
Shares in People's Operator PLC (TPOP.LN) fell Tuesday after the
company said it can't publish its 2017 annual audited accounts by
June 30, and that its shares will subsequently be suspended from
trading.
The company said that the results were delayed as it remains in
talks with Barclays PLC (BARC.LN), its sole creditor, regarding the
use of proceeds from the disposal of its U.S. business. The company
is also seeking a loan to cover its expenses until the proceeds are
received.
On June 8, People's Operator said it agreed to sell its U.S.
business to Ting Inc. for $700,000 and that it was discussing with
Barclays how much of the sale proceeds would be needed to pay its
outstanding debt of 1 million pounds ($1.3 million). The company
warned that, if the bank requested all of the proceeds, it would
urgently need additional funding.
A week later, the company said that Barclays requested that the
proceeds be placed into a security realization account, to be
released only if it could raise funds for its U.K. business.
With discussions between People's Operator and its lender
continuing, the company said its auditor hasn't been able to sign
off on its 2017 results.
The company also said that its shares are expected to be
suspended on July 2 until the accounts for 2017 are published, in
accordance with AIM rules.
Shares at 1337 GMT were down 28% at 0.01 pence per share.
Write to Oliver Griffin at oliver.griffin@dowjones.com
(END) Dow Jones Newswires
June 26, 2018 10:10 ET (14:10 GMT)
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