Full Year Results Delay & Corporate Update
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 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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