Koovs PLC (LON:KOOV) Intention to Appoint Administrators, Trading Suspension, Nomad Resignation

Further to the Company’s announcement on 18 November 2019, Koovs plc (AIM: KOOV) is disappointed to announce that, as a result of the failure by its largest shareholder, Future Lifestyle Fashions Limited (part of Future Group, India’s largest retail group), to fulfil a contractual commitment to invest a further £6.5 million into the Company, and the failure by the Company to secure alternative sources of funding, the Board of Koovs plc has resolved to apply to place Koovs plc into administration.

The Board expects that the business and assets of Koovs will be purchased from the administrator by a company connected to the Company’s largest secured creditor, Waheed Alli, ensuring the continuation of the operating business.

A further announcement will be made in due course regarding the appointment of the administrator.

Suspension of trading and resignation of Nominated Adviser

Shares in the Company have been suspended from trading on AIM effective from 11.30 a.m. today.

Strand Hanson Limited has resigned as Nominated Adviser to the Company with immediate effect.

Pursuant to Rule 1 of the AIM Rules for Companies, if a replacement Nominated Adviser is not appointed within one month, the admission of the Company’s securities will be cancelled on AIM. The Company has no current intention of appointing a replacement Nominated Adviser.

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

Weekly Newsletter

Sign up to receive exclusive stock market content in your inbox, once a week.

We don’t spam! Read our privacy policy for more info.

Tags: ,