REG - Tribe Technology PLC - Full Year Results Delay & Corporate Update

Tribe TechnologyAnnouncement

19/12/2024 10:30

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RNS Number : 7771Q  Tribe Technology PLC  19 December 2024

Prior to publication, the information contained within this announcement was
deemed by the Company to constitute inside information as stipulated under the
UK Market Abuse Regulation. With the publication of this announcement, this
information is now considered to be in the public domain.

 

19 December 2024

Tribe Technology PLC

 

("Tribe Tech", the "Company" or the "Group")

 

Funding update

Proposed cancellation from AIM and

Delay in publication of Annual Report and Accounts

 

Tribe Technology PLC (AIM: TRYB), a disruptive technology-first developer and
manufacturer of world-class autonomous mining equipment, provides the
following update.

 

On 1 October 2024, it was announced that the board of directors of Tribe Tech
(the "Board" or the "Directors") are pursuing additional funding for its
nearer term working capital requirements. On 25 October 2024, the Company
subsequently announced, inter alia,  that it continues to explore sources of
additional funding which may involve securing a combination of equity and debt
funding and as a result pre-emptively sought to obtain the requisite
authorities to, inter alia, allot new ordinary shares of £0.0005 each in the
capital of the Company ("Ordinary Shares") or grant rights to subscribe for or
convert any securities into new Ordinary Shares.

 

The Company remains in advanced discussions with potential providers of
additional funding, including certain existing shareholders of the Company who
remain supportive, to enable the Company to progress its critical path
priorities as it is focused on the execution of the technical proof points for
the first autonomous reverse circulation ("RC") TTDS GC 700 drill rig and
sample system product platform.

 

In the backdrop to the funding discussions and following an extensive review
by the Board, it has now become clear to the Board that to secure such
financing on terms favourable to the Company the most appropriate course of
action is for the Board to seek approval from the shareholders of the Company
("Shareholders") to cancel the admission of the Company's Ordinary Shares to
trading on AIM in accordance with Rule 41 of the AIM Rules for Companies (the
"AIM Rules") (together the "Proposed Cancellation"). A circular convening a
general meeting of the Company to approve the Proposed Cancellation and
providing further detail on the next steps will be published in due course and
a further announcement will be made at that time.

 

There can be no certainty that final binding terms to any funding arrangement
will be agreed, nor as to the timings or final terms of any such funding
arrangement.

 

Annual Report and Accounts

 

As stipulated by Rule 19 of the AIM Rules, the Company is required to publish
its audited annual report and accounts for the year ended 30 June 2024 (the
"Annual Report and Accounts") by 31 December 2024. The preparation of the
Company's Annual Report and Accounts has been ongoing. However, because of
the ongoing funding discussions the Company will not be able to finalise its
Annual Report and Accounts ahead of the deadline of 31 December 2024, as
required under Rule 19 of the AIM Rules.

 

As a result, trading in the Company's Ordinary Shares on AIM will be suspended
with effect from 7:30 a.m. on 2 January 2025 and will remain suspended until
publication of its audited Annual Report and Accounts.

 

The Company will release further announcements as and when appropriate.

 

-END-

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

 

Tribe Technology
PLC
via Tavistock

Charlie King, Chief Executive Officer

Allenby Capital Limited (Nominated Adviser and Joint Broker)
                                               +44 20
3328 5656

John Depasquale / Vivek Bhardwaj / Lauren Wright (Corporate Finance)
 
 info@allenbycapital.com

Tony Quirke / Joscelin Pinnington (Sales & Corporate Broking)

 

SP Angel Corporate Finance LLP (Joint Broker)
 
          +44 20 3470 0470

Richard Morrison / Charlie Bouverat (Corporate Finance)

Grant Barker (Sales and Corporate Broking)

 

Tavistock (Financial PR)
 
                           +44 20 7920 3150

Rebecca Hislaire / Saskia Sizen
 
                       tribetech@tavistock.co.uk

 

About Tribe Tech

 

Established in 2019, the Group was founded to create a safer, more efficient
work environment through the development of fully autonomous reverse
circulation drill rigs in the mining industry. The Group's core activities are
the development, in-house manufacturing, and sale of its autonomous RC Drill
Rigs incorporating its core proprietary intellectual property, the Tribe
Technology Drilling System ("TTDS").

 

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