REG - Dukemount Capital - Proposed lifting of suspension and other updates

DUKemount CapitalAnnouncement

12/09/2023 07:45

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RNS Number : 1429M  Dukemount Capital PLC  12 September 2023

Dukemount Capital Plc

 ("Dukemount" or the "Company")

Proposed lifting of suspension

Further funding

Change to accounting reference date

The board of directors of Dukemount have been in discussions with the FCA
following the suspension of the trading of the share capital on the Main
Market on 1 November 2022. During this period the audit for 30 April 2022 has
been finalised.

 

The shares of Dukemount are anticipated to re-commence trading on 13 September
2023.

 

Following the designation of the Company as a SPAC the directors confirm they
will be working with its broker, Peterhouse Capital Limited ("Peterhouse"),
and the other advisors to the Company to consider options for a future reverse
takeover involving Dukemount. It should be noted, following the changes to
the Main Market, any reverse takeover requires as a minimum enlarged market
capitalisation of £30 million and there can be no guarantee that such a
transaction can be undertaken.

 

The directors have resolved to extend the accounting reference date of
Dukemount from 30 April to 30 September. The previous accounts for 30 April
2022 were announced on 9 June 2023 and the interims for the period ending 31
October 2022 (which encompasses the prior disposal of the peakers as announced
on 5 October 2022) were announced on 16 June 2023. The accounts for the period
ending 30 September 2023 will be published no later than by 31 January 2024.
 

 

The directors have continued to take steps to reduce the costs incurred by the
Company and are taking steps to best ensure the viability of any future
transaction by exploring further funding into the Company alongside the
appointed broker to enable the 2023 accounts to contain an auditor going
concern statement that is not qualified. In the meantime, on 11 September 2023
the board elected to drawdown an additional £40,000 net proceeds from the
previously announced long-term facility on 11 October 2022 to provide further
capital for on-going costs.

 

 

Paul Gazzard  CEO, comments "the process of lifting the suspension of the
trading of the shares has taken time. This time has been spent enabling us to
move to reposition Dukemount in a manner beneficial for stakeholders as a
whole. The Board will now set about searching for a new target company and
business to pursue as we repurpose Dukemount and will work with Peterhouse and
our other advisors to facilitate this. This process will commence and be
undertaken expeditiously and we hope to update the market soon on the next
steps for Dukemount."

 

Market Abuse Regulation (MAR) disclosure

 

Certain statements in this announcement contain inside information for the
purpose of Article 7 of EU Regulation 596/2014.

 

For further information, please visit www.dukemountcapitalplc.com
(http://www.dukemountcapitalplc.com/)  or contact:

 

 Dukemount Capital Plc
 Geoffrey Dart / Paul Gazzard
 Media Enquiries
 Miriad Media, Zak Mir                           Tel: +44 (0)7867 527 659

 Broker Enquiries - Peterhouse Capital Limited
 Lucy Williams / Duncan Vasey                    Tel: +44 (0) 207 4690930

 

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