REG - Toople PLC - Appointment of Liquidators

ToopleAnnouncement

16/11/2022 13:45

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RNS Number : 6610G  Toople PLC  16 November 2022

16 November 2022

Toople PLC

("Toople" or the "Company")

 Appointment of Liquidators

 

On 19 October 2022. Toople, (LSE: TOOP) announced that it had requested that
the listing in its ordinary shares be suspended with immediate effect owing to
the fact that despite the Company finding  a viable acquisition opportunity
it had been unable to raise the required financing to complete it and to raise
further working capital to support the enlarged group.  In view of this the
Directors immediately took appropriate advice and resolved to appoint an
administrator with immediate effect to preserve value for creditors.

 

On 11 November 2022, the trade and assets of the group's two trading
subsidiaries, toople.com and Direct Market Services were sold via a pre-pack
administration to an existing operator, thus securing continuity of service to
the Group's broadband customers, resellers and direct customers.

 

Following the sale of the main trading subsidiaries and following
consultations with the Group's advisers, the Board of Toople PLC have resolved
to put the Group into Creditors Voluntary Liquidation with immediate effect
and have appointed FRP Advisory to conduct this process. The Board currently
expects that, in due course, the listing of the Company's ordinary shares will
be cancelled, any residual value will be distributed to the Company's
shareholders and the Company will be wound up.

 

-ends-

For further information please visit www.toopleplc.co
(http://www.toopleplc.co) .uk or contact:

 

 Toople PLC                            Tel: 0800 0499 499

 Greg Bryce, Chief Executive Officer

 Novum Securities Limited              Tel: 020 7399 9400

 David Coffman

 Colin Rowbury

 

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