Trading Update (6352N)
05 Septembre 2011 - 2:36PM
UK Regulatory
TIDMFUZ8
RNS Number : 6352N
Fuse 8 PLC
05 September 2011
Date: 5 September 2011
On behalf of: Fuse 8 plc ('Fuse 8' or 'the Company')
For immediate release
Fuse 8 plc
Trading Update
The Board of Directors of Fuse 8 plc (AIM: FUZ8), the full
service digital marketing agency, wishes to update shareholders on
current trading and recent developments in the business.
The Board recently requested its Chief Executive Officer to
provide an updated review of the Company's performance and an
estimate of performance for the remainder of the current financial
year. The Chief Executive Officer has not provided this
information. On 26 August 2011, he offered his resignation which
was not accepted. However, following this and the discovery of
other issues, last week, the Board commenced its own internal
investigation and review.
The Chief Executive Officer has been relieved of his duties for
the present time. He is not active in the business at the moment,
nor is he participating in the investigation or review.
The early results of this investigation have shown that the
Company's financial performance for the six months to 30 June 2011
will be below expectations. In addition,the Board cannot be
confident that the Company will achieve the market forecasts for
the full year.
This will be very disappointing news for shareholders and for
the dedicated and hardworking employees of the Company as new
business activity is strong and the Company has a solid team of
skilled staff who are delivering great work to their clients.
In light of the above it appears that whilst the original
strategy set out on the Company's admission to AIM remains sound,
these operational issues mean it is now unlikely that the Company's
plans will be fulfilled in the short to medium term. Therefore the
non-executive directors are now considering what course of action
is in the best interests of shareholders. A full range of options
are being considered, including:
-- Delisting the business from AIM and reorganising the Company
in a significantly lower cost environment.
-- The sale of the operating businesses of the group. Should,
this option be favoured then the Company would, in all likelihood,
become a "cash shell" and be reclassified as an Investing
Company.
The Board however is not currently considering any offer for the
Company.
The Board plans to complete its review in as short a period as
possible and will update shareholders in due course.
For Further Information please contact:
Fuse 8 plc
Graeme Burns Tel +44 (0)777 585 4516
FinnCap
Geoff Nash/ Charlotte Stranner Tel +44 (0) 20 7600 1658
Redleaf Communications
Rebecca Sanders-Hewett/ Jenny Tel +44 (0) 20 7566 6720
Bahr
This information is provided by RNS
The company news service from the London Stock Exchange
END
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