Suspension and Appointment of Administrators

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.

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

Toople PLC Greg Bryce, Chief Executive Officer Richard Holden, Interim Chief Financial Officer	Tel: [phone]
Novum Securities Limited David Coffman Colin Rowbury	Tel: [phone]

 

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