Update on continued suspension
09 May 2009 - 2:14AM
UK Regulatory
TIDMOEM
RNS Number : 9830R
OEM PLC
08 May 2009
On the 3rd March 2008, the Company requested the Financial Services Authority to
suspend the listing of its ordinary shares, as it was unable to publish
financial information for the half year to 31st Dec 2007 in accordance with the
Disclosure and Transparency rules.
The Annual Report and Accounts to June 2007 were delayed due to litigation
against the Estate of Brian Schneider, the Company's former CEO and others. Save
for agreement of the associated legal fees, this litigation has been settled and
a substantial proportion of the unlawfully appropriated funds have been returned
to the company.
Due to the appointment of an LPA Receiver over a property of which the Company
is the legal, but not beneficial owner, the Company is currently unable to file
its Report & Accounts for either 2007 or 2008.
The Directors intend to convene an Extraordinary General Meeting when the 2007
and 2008 Report and Accounts are filed with Companies House.
The Company takes this opportunity to thank Charles Douglas for his time and
effort as a Non-Executive Director, he has resigned due to his overseas travel
commitments in connection with other roles.
The Board is in the process of reviewing all current and future operations and
will update the market in due course.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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