REG - Safestyle UK PLC - Fundamental Change of Business & AIM Cash Shell

Safestyle UKAnnouncement

03/11/2023 07:15

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RNS Number : 2661S  Safestyle UK PLC  03 November 2023

03 November 2023

 

Safestyle UK plc

("Safestyle" or the "Company")

 

Fundamental Change of Business and AIM Rule 15 Cash Shell

 

On 30 October 2023, Safestyle announced that administrators had been appointed
to its subsidiaries H.P.A.S. Limited, Style Group Holdings Limited and Style
Group UK Limited.

 

Upon the appointment of the administrators, Safestyle ceased to control and/or
conduct substantially all of its business activities and assets and, as a
consequence, Safestyle is now regarded as an AIM Rule 15 cash shell ("AIM Rule
15 Cash Shell").  In light of such developments, the Directors are now taking
legal advice and are likely to be required to place Safestyle into liquidation
in due course.

 

As an AIM Rule 15 Cash Shell, Safestyle is required to make an acquisition, or
acquisitions, which constitutes a reverse takeover under AIM Rule 14 or seek
to become an investing company pursuant to AIM Rule 8 within six months from
30 October 2023, failing which its shares will remain suspended.  Given the
liquidation process which is now expected to commence, Safestyle is not
currently pursuing such a transaction and it is therefore anticipated that
once liquidators have been appointed, the admission to trading on AIM of the
Company's ordinary shares will be cancelled.

 

 

For further information:

 

 Safestyle UK plc                             via FTI Consulting

 Rob Neale, Chief Executive Officer

 Phil Joyner, Chief Financial Officer

 Zeus (Nominated Adviser & Joint Broker)      Tel: 0203 829 5000

 Dan Bate / James Edis (Investment Banking)

 Dominic King (Corporate Broking)

 Liberum Capital Limited (Joint Broker)       Tel: 0203 100 2100

 Jamie Richards / William King

 FTI Consulting (Financial PR)                Tel: 0203 727 1000

 Alex Beagley / Sam Macpherson / Amy Goldup

 

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