Koovs PLC (LON:KOOV) Further Update on FLFL Subscription

Koovs plc (AIM: KOOV), the Western fashion experts for online Indian consumers, announces that, further to the Company’s announcements on 21 October 2019 and 29 October 2019, the Company remains in discussions with Future Lifestyle Fashions Limited (“FLFL”) regarding the completion of the outstanding c. £6.5 million investment into Koovs.

FLFL has confirmed to the Company that it is in the process of reapplying for approval of the investment from the Reserve Bank of India and that it remains committed to honouring the investment.

Alongside its discussions with FLFL, the Company is actively considering all other financing alternatives available to it. The Company currently has cash reserves of c. £2.2 million which is sufficient for the current calendar year. As noted previously, the Board has implemented certain cash conservation measures, primarily in relation to reducing stock purchases and marketing spend, with the intention of ensuring there is the maximum time available for the various options available to the Company to be considered. Shareholders should be aware that in the event that the Company is unable to secure the further funding from FLFL or through alternative sources, it may no longer be able to trade as a going concern.

The Company will provide a further update to the market as soon as possible.


Linking Shareholders and Executives :Share Talk

If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates.

Terms of Website Use

All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned

Tags: ,
Malcare WordPress Security