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Pentagon Protection (YOLO)

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Tuesday 06 May, 2014

Pentagon Protection

Temporary Suspension & Business Update

RNS Number : 2973G
Pentagon Protection PLC
06 May 2014
 



6 May 2014

Pentagon Protection plc ('Pentagon' or 'the Company')

Business Update and Temporary Suspension from Trading on AIM

 

Pentagon Protection plc (AIM:PPR), announces that, further to its Business Update on 14 April 2014, the Board of the Company has requested that trading of the ordinary shares of the Company on the AIM Market are temporarily suspended with effect from today, pending clarification of the Group's financial position.

 

The Board confirms it is in advanced discussions with a former director and substantial shareholder of the Company in respect of a potential offer for SDS Group Limited ("SDS"), a wholly owned subsidiary of the Company, and over which he has an existing debenture over the assets and a fixed charge over the shares of SDS.  Due to the nature of the potential transaction and the parties involved, any such transaction would be a related party transaction pursuant to AIM Rule 13 and would therefore require a fair and reasonable opinion to be given by the independent directors of the Company.

 

Subsequent to the Business Update of the Company on 14 April 2014, the financial condition and prospects of the Group have not improved.  Irrespective of whether a transaction such as that currently under discussion with the former director is undertaken, if the Board cannot find appropriate additional short-term financing, it is likely that the Group, whether in its current form or post any disposal, the Board would need to appoint administrators to the Company.

 

The Board confirms that it continues to actively pursue a number of financing solutions and are in discussion with several potential interested parties for certain assets and/or divisions of the Group.

 

The Board will make further announcements in respect of the financial condition of the Group and potential offers as soon as practicable.

 

** ENDS **

 

Enquiries:

 

Pentagon Protection Plc                                     Steve Chambers, Chairman and Managing Director

Tel: 01923 221 910

Cantor Fitzgerald Europe (Nominated Adviser)  David Foreman / Catherine Leftley

Tel: 0207 894 7000

Allenby Capital (Broker)                                   Jeremy Porter

Tel: 0203 328 5656

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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