REG - Toople PLC - Suspension and Appointment of Administrators

ToopleAnnouncement

19/10/2022 08:00

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RNS Number : 3859D  Toople PLC  19 October 2022

19 October 2022

Toople PLC

("Toople" or the "Company")

Suspension of Trading in Shares and Appointment of Administrators

 

Toople, (LSE: TOOP) announces that it has requested that the listing in its
ordinary shares is suspended with effect from 7.30 a.m. today, 19 October
2022.

 

The Board has announced in its interim results statement on 26 July that it
was seeking to grow the business by way of acquisition and had therefore
decided to apply for the Company's shares to be admitted to the AQSE Growth
Market Access Segment by way of a fast-track application in order the to give
the Company more flexibility to pursue its desired growth strategy.

 

Despite the fact that the Company had found a viable acquisition opportunity
it has 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 have resolved to appoint
an administrator with immediate effect.

 

Regrettably, the Board has concluded that it is required to take the necessary
steps to preserve value for creditors.  It is anticipated that an
administrator will be appointed during the course of the day.

 

The Company does not expect there to be any impact to the service it supplies
to broadband customers, resellers, and direct customers.

 

Greg Bryce Chief Executive commented:

 

"It is with great regret that in order to best preserve value for creditors,
partners and suppliers and to ensure a continuation of service for our
customers we have decided to terminate the acquisition process; cancel our
move to AQSE; and to appoint administrators.  I want to thank the team at
Toople and also our shareholders for their loyalty and support; their
position, and inevitable disappointment is shared by the Board."

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.

 

-ends-

For further information please visit www.toopleplc.co.uk or contact:

 

 Toople PLC                                        Tel: 0800 0499 499

 Greg Bryce, Chief Executive Officer

 Richard Holden, Interim Chief Financial Officer
 Novum Securities Limited                          Tel: 020 7399 9400

 David Coffman

 Colin Rowbury

 

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