Conexion Media Group PLC Cancellation from AIM (9248A)
30 December 2014 - 11:00PM
UK Regulatory
TIDMCXM
RNS Number : 9248A
Conexion Media Group PLC
30 December 2014
Conexion Media Group Plc
("Conexion" or the "Company")
Cancellation, update and publication of Annual Accounts and
Interims
Conexion provides an update following suspension of its shares
from trading on AIM on 24 June 2014 for non-publication of the
audited results for the year to 31 December 2013.
Conexion announces that the audited accounts for the year to 31
December 2013 (the "Annual Accounts") and its interim results for
the 6 months ending 30 June 2014 (the "Interims") were posted on
the Company's website (http://www.conexion-media.com/corporate/) on
24 December 2014.
The Annual Accounts and the Interims show, respectively, losses
for the period of GBP1,046,562 and GBP223,869 and the Interims show
Net Current Liabilities of GBP6,169,086 and Net Liabilities of
GBP2,550,182. The audit report on the Annual Accounts contains a
qualification that the auditors consider that the Directors have
not taken adequate steps to satisfy themselves that it is
appropriate for them to adopt the Going Concern basis in the
preparation of the accounts. Accordingly, the Company's financial
future and ability to continue to trade in its current form is
unclear. As such the Company has not been able to resolve or
clarify sufficiently its financial position.
Under AIM Rule 41, the Company's admission to AIM will be
cancelled at 7 a.m. on 31 December 2014, having been suspended for
six months.
Brian Scholfield, non-executive Chairman, commented: "The
Company had been in discussion with a third party prior to
Christmas with a view to disposing of the Company's trading
activities, obtaining some further financing and undertaking a
reverse acquisition. The third party in question was prepared to
outline their plans to Conexion with a view to producing a
circular. Unfortunately the Company and said third party were
unable to reach a binding commitment within the timeframes
available to enable the Company to have presented the matter to
shareholders for their consideration."
The Company intends to keep shareholders updated on developments
via its website (www.conexion-media.com).
Conexion Media
Justin Sherry, CEO, justin@conexion-media.com 020 8987 4150
finnCap
Corporate Finance
Matthew Robinson 020 7220 0500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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