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Redhall Group PLC - Trading update and Suspension of trading on AIM

RNS Number : 0621A
Redhall Group PLC
24 May 2019
 

 

The information communicated in this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Embargoed until 0730 on 24 May 2019                                                                                  

 

Redhall Group plc

("Redhall" or the "Company")

 

Trading update

 

 Suspension of trading on AIM

 

Further to the trading update released on 1 May 2019, Redhall announces that overall trading remains challenging and that the Company's short-term cash flows are under pressure, in particular, with regard to certain tax liabilities.

The board of Redhall (the "Board") has been in active discussions with certain of the Company's major shareholders and creditors to provide additional funding capacity to allow the Company to alleviate the short-term cash flow pressure.  However, it is now clear that there is no reasonable prospect that a viable solution for additional funding capacity can be found and the Board is now investigating all alternative options to optimise value for the Company's stakeholders.  The Board notes that the outcome of this process and its impact on the Company's stakeholders remains uncertain.

The Board has requested that the Company's ordinary shares be suspended from trading on AIM pending clarification of the Company's financial position.

A further update will be made as and when appropriate.

Contact details:

Redhall Group plc

Tel: +44 (0) 1924 385 386

Joe Oatley, Chairman

 

Buchanan, PR Adviser

Tel: +44 (0) 20 7466 5000

Mark Court, Sophie Wills, Hannah Ratcliff

 

 

 

GCA Altium, Nominated Adviser

Tel: +44 (0) 20 7484 4040

Tim Richardson

 

 

 

WH Ireland, Broker

Tel: +44 (0) 20 7220 1666

Adrian Hadden, Jessica Cave

 

 


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Quick facts: Redhall Group

Price: -

Market: AIM
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