Hawkwing plc (AIM: HNG) (formerly TLA Worldwide plc) is pleased to announce that following the result of its General Meeting held on 29 August 2019, the sale of the Australian Businesses (“Sale”) has now completed.
As Completion has occurred, Dwight Mighty will be resigning, as of 5 September 2019, from his position as Chief Operating Officer of the Company (non-Board) but will remain as company secretary of the Company and as a director and company secretary of TLAA, TLA Acquisitions (Number Two) Limited and TLA-ESP.
To ensure an orderly transition, Mr Mighty has agreed to become a non-executive director of the Company. A further announcement will be made on his appointment.
Further details of the Sale are set out in the circular to shareholders dated 13 August 2019 (“Circular”).
Following the completion of the Sale, the Company is categorised by AIM as an AIM Rule 15 cash shell. As such, the Company will be required to make an acquisition or acquisitions which constitute a reverse takeover under Rule 14 of the AIM Rules on or before the date falling six months from completion or be re-admitted to trading on AIM as an investing company under the AIM Rules (which requires the raising of at least £6 million) failing which, its ordinary shares would then be suspended from trading on AIM pursuant to Rule 40 of the AIM Rules. 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.
Unless the context otherwise requires, capitalised terms in this announcement shall have the same meaning ascribed to them in the Circular.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
