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MySQUAR Limited (MYSQ)

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Friday 09 November, 2018

MySQUAR Limited

Investigation Update

RNS Number : 8426G
MySQUAR Limited
09 November 2018
 

9 November 2018

MySQUAR Limited 

("MySQUAR" or the "Company") 

 

Investigation Update

 

MySQUAR announces that following the announcement of 5th November that the two non-executive directors of the Company (being Neil Osborn and Stephen Austin) have carried out a preliminary investigation into the use of proceeds of the issue of £2.11m convertible bonds announced on 7th March 2018 and £2.22m convertible bonds announced on 20th June 2018.

This preliminary investigation has concluded that it appears that approximately £900,000 was paid out of Company funds to either third parties or former directors without either Board or Remuneration Committee approval (as appropriate) at the time such payments were made.  The Company is considering its options for the recovery of such payments.

A number of staff have been made redundant in the Company's businesses to conserve cash.  Trading in the businesses of the Company continues but the ongoing viability of these businesses depends upon urgent external funding to meet working capital requirements.  A creditor of the Company has indicated that it is prepared, in principal, to provide such working capital and is currently conducting due diligence but there can be no guarantee that funding will be forthcoming.  As a consequence, there remains a material uncertainty regarding the Company's working capital position and trading in the Company's shares will remain suspended pending clarification of the Company's financial condition.

A further announcement will be made as soon as there are any further developments in connection with the above matters.

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 

For further information:

 

MySQUAR Limited

 

Stephen Chong (Interim Chief Executive)

Tel: +65 6725 6388

 

 

SP Angel Corporate Finance LLP

 

Nominated Adviser & Joint Broker

Tel:  +44 (0) 203 470 0470

Stuart Gledhill / Soltan Tagiev 

 

 

 

SVS Securities plc

Joint Broker

 

Tom Curran

 

+44 (0) 203 700 0093

Public Relations

 Tel:  +44 (0) 781 677 0758

Damien McCrystal

[email protected]

 


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