Unbound Group PLC Delayed publication of accounts and AIM Rule 15 (2888H)
July 26 2023 - 7:25AM
UK Regulatory
TIDMUBG
RNS Number : 2888H
Unbound Group PLC
26 July 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO
DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF THAT JURISDICTION.
Unbound Group plc
(" Unbound", the "Company" or the "Group")
Delayed publication of accounts and AIM Rule 15 cash shell
Delayed publication of accounts
Further to the Company's announcement on 17 July 2023, the
Company's board of directors (the "Board") confirms that the
publication of the Group's annual report and accounts for the year
ended 5 February 2023 ("Annual Report") will be delayed and will
not be published by 5 August 2023, which is the deadline pursuant
to Rule 19 of the AIM Rules for Companies ("AIM Rules"). The
Company continues to work with RSM UK Group LLP as auditor with a
view to publishing the Annual Report as soon as reasonably
practicable.
Notwithstanding the fact that trading in the Company's ordinary
shares on AIM has been suspended since 07.30 a.m. on 17 July 2023
pending clarification of the Company's financial position, the
Company's ordinary shares would in any event be suspended from
trading on AIM with effect from 07.30 a.m. on 7 August 2023 due to
the Annual Report not being published by 5 August 2023.
AIM Rule 15 cash shell
The disposal of the business and assets of the Group's main
operating subsidiary, Beaconsfield Footwear Limited (in
administration), which completed on 18 July 2023 as announced by
the Company on that date, is deemed to be a disposal that divests
the Company of all, or substantially all of its trading businesses,
activities or assets (pursuant to Rule 15 of the AIM Rules).
Accordingly, with effect from 18 July 2023, Unbound Group plc is
regarded, pursuant to the AIM Rules, as an AIM Rule 15 cash shell
with no operating business.
As an AIM Rule 15 cash shell, the Company must make an
acquisition or acquisitions which constitutes a reverse takeover
under AIM Rule 14 (including seeking re-admission under the AIM
Rules) within six months from 18 July 2023. Alternatively, within
such time period, the Company can seek to become an investing
company pursuant to AIM Rule 8, which requires, inter alia, the
raising of at least GBP6 million and the publication of an
admission document. If the Company does not complete a reverse
takeover under AIM Rule 14 or seek re-admission to trading on AIM
as an investing company pursuant to AIM Rule 8 (either being a
"Re-admission Transaction") within such six month period, the
Company's ordinary shares would be suspended from trading on AIM
pursuant to AIM Rule 40 (noting that the ordinary shares are
already suspended from trading on AIM as detailed above).
Thereafter, if a Re-admission Transaction has not been completed
within a further six month period, admission to trading on AIM of
the Company's ordinary shares would be cancelled.
The Board continues to review the options available to Unbound
Group plc. The Company will provide further updates as
appropriate.
Enquiries
Unbound Group plc c/o Alma PR
Neil Johnson, Chairman
Ian Watson, CEO
Gavin Manson, CFO
Singer Capital Markets (Nominated Adviser
& Broker)
Peter Steel / Tom Salvesen / Alaina Wong
/ James Fischer +44 (0)20 7496 3000
Alma PR Limited (Financial PR) +44 (0)20 3405 0205
Josh Royston / Sam Modlin / Hannah Campbell unbound@almapr.co.uk
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCFLFFLDSIRFIV
(END) Dow Jones Newswires
July 26, 2023 07:25 ET (11:25 GMT)
Unbound (LSE:UBG)
Historical Stock Chart
From Jul 2024 to Aug 2024
Unbound (LSE:UBG)
Historical Stock Chart
From Aug 2023 to Aug 2024