Brief: Koovs Says Applied To Place Co Into Administration and Suspend Trading on AIM

Future Lifestyle Fashions

10/12/2019 12:00

Dec 10 (Reuters) - Koovs PLC  KOOV.L :
    * INTENTION TO APPOINT ADMINISTRATORS AND SUSPENSION
    * A FURTHER ANNOUNCEMENT WILL BE MADE IN DUE COURSE
REGARDING
APPOINTMENT OF ADMINISTRATOR
    * AS RESULT OF FAILURE BY LARGEST SHAREHOLDER, FUTURE
LIFESTYLE
FASHIONS, BOARD RESOLVED TO APPLY TO PLACE CO INTO
ADMINISTRATION
    * EXPECTS BUSINESS, ASSETS OF CO TO BE PURCHASED FROM
ADMINISTRATOR BY A CO CONNECTED TO CO'S LARGEST SECURED
CREDITOR, WAHEED ALLI
    * SHARES IN COMPANY HAVE BEEN SUSPENDED FROM TRADING ON AIM
EFFECTIVE FROM 11.30 A.M ON DEC 10
    * STRAND HANSON LIMITED HAS RESIGNED AS NOMINATED ADVISER TO
COMPANY WITH IMMEDIATE EFFECT
    * COMPANY HAS NO CURRENT INTENTION OF APPOINTING A
REPLACEMENT
NOMINATED ADVISER
    * FUTURE LIFESTYLE FASHIONS FAILED TO FULFIL A CONTRACTUAL
COMMITMENT TO INVEST A FURTHER £6.5 MILLION INTO COMPANY

Source text for Eikon:  ID:nRSJ3872Wa 
Further company coverage:  KOOV.L 

 ((Reuters.Briefs@thomsonreuters.com;))