SYQ Syqic

TIDMSYQ

RNS Number : 9501S

SyQic PLC

29 December 2016

29 December 2016

SyQic plc ("SyQic" or the "Company")

Cancellation of admission to trading on AIM

The Company announced on 28 June 2016 that trading in the Company's shares on AIM was suspended for failure to publish its audited report and accounts for the year ended 31 December 2015 by 30 June 2016 in accordance with Rule 19 of the AIM Rules for Companies. On 7 November 2016, the Company published its audited report and accounts for the year ended 31 December 2015. It was also announced on 7 November 2016 that due to the qualified audit opinion on the financial statements for the year ended 31 December 2015 and emphasis of matter about the Company's ability to continue as a going concern being dependent, inter alia, on the collection of trade receivables and the ability to raise future funds, the Company's shares remain suspended from trading on AIM.

Since then, the board has reviewed a number of options with their advisers to raise additional working capital for the Company which would place the Company on a sound financial footing. As announced on 15 December 2016, the Directors concluded that, following discussions with some of the Company's largest shareholders and management team, it will not be possible for the Company to raise additional working capital before the end of the year but are keeping their options under review. Therefore the Company's shares remained suspended from trading on AIM.

The Company now regrets to announce that, as it has not been able to complete the actions required to restore trading of the Company's shares on AIM, the admission to trading on AIM of its ordinary shares will be cancelled with effect from 7.00 am on Friday 30 December 2016 pursuant to rule 41 of the AIM Rules for Companies.

The directors of SyQic will be writing to all shareholders in due course to provide details of its plans for the future of the Company as an unlisted entity and will explore putting in a placing a trading facility for the Company's shares. The Company will still be bound by the Jersey Companies Act, the UK Takeover Code and its Articles of Association, amongst other regulations, and will maintain its website to provide information and updates for shareholders.

 
 
  For further information: 
SyQic plc                                     Tel: +44 (0) 20 7933 8780 (via Walbrook) 
 Jamal Hassim, Group Chief Executive Officer 
 Steve Elliff, Chief Financial Officer 
 www.syqic.com 
Allenby Capital Limited                       Tel: +44 (0) 20 3328 5656 
 Jeremy Porter / Nick Naylor                   www.allenbycapital.com 
Walbrook, Financial PR and IR                 Tel: +44 (0) 20 7933 8790 
 Paul Cornelius                                syqic@walbrookpr.com 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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December 29, 2016 04:45 ET (09:45 GMT)

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