Neos Resources PLC Update and Proposed Delisting (6454W)

TIDMNEOS

RNS Number : 6454W

Neos Resources PLC

30 January 2013

NEOS Resources plc ("NEOS")

Update and Proposed Delisting

Further to the announcement made on 22 January 2013 the Board of Directors have continued to evaluate the structure of NEOS' operation and its overall cost base.

NEOS currently has approximately GBP1.1 million in cash available to it in the United Kingdom. Neos has known liabilities amounting to approximately GBP0.9 million which are due for payment in the period up to December 2014, of which a significant portion have been previously recognised in the Company's accounts at 30 June 2012, with the remainder arising in the ordinary course of business. The cost of continuing to run the United Kingdom head office is approximately GBP55,000 per month and any reduction in head count or the termination of certain services will result in further contractual obligations. NEOS' Indian subsidiary has net current assets of approximately GBP300,000 and NEOS intends to repatriate any surplus cash from this subsidiary. The Board is examining methods of achieving this although the timing and amount of any such repatriation is currently uncertain. The Board is urgently reviewing NEOS' financial position and is taking appropriate professional advice.

The Directors have also concluded that it is in the best interests of NEOS to cancel the admission of its ordinary shares of 1 p each ("Shares") to trading on the AIM Market of the London Stock Exchange ("the Cancellation"). Pursuant to Rule 41 of the AIM Rules the Directors have notified the London Stock Exchange that the intended date of the proposed cancellation is 28 February 2013. Cancellation will be conditional on the approval of not less than 75 per cent. of votes cast at a general meeting of Neos shareholders and it is expected that a circular convening such general meeting will be sent to shareholders shortly. The Directors recognize that admission to trading imposes significant costs in both cash and management time and Cancellation forms part of the plans to manage the Company's cost base.

Further announcements will be made in due course.

 
 NEOS Resources plc             +44 (0) 20 7499 5626 
 Steven Rudofsky - Executive 
  Chairman 
 
 finnCap Ltd                    +44 (0) 20 7220 0500 
 Stuart Andrews 
  Christopher Raggett

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCMMGZMMLKGFZZ

Neos Resources (LSE:NEOS)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024