Nakama Group Plc Corporate update and director resignation (1894K)
09 April 2018 - 5:25PM
UK Regulatory
TIDMNAK
RNS Number : 1894K
Nakama Group Plc
09 April 2018
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
9 April 2018
Nakama Group plc (AIM: NAK)
("Nakama" or the "Group")
Corporate update and director resignation
Nakama Group plc (AIM: NAK) is providing the following update
further to its trading announcement released on 27 February
2018.
Following the commencement of the new Chief Executive's
strategic review of the operating businesses, it has now become
apparent to the board of directors of Nakama (the "Board") that the
Group's Australian subsidiaries may have difficulty in meeting a
payment due, in April 2018, to the Australian Tax Office (the
"ATO"). This payment is part of a payment plan agreed with the ATO
in 2017 and is in respect of Goods and Services Tax and a Pay as
You Go liabilities due to the ATO of approximately AUS$700,000
(approximately GBP GBP383,500). These liabilities arose from the
Group's Australian trading operations during the period between
July 2016 and September 2017.
The Board are considering ways for the Group to fund the
Australian subsidiaries in meeting the schedule of payment to the
ATO and the Board are also considering approaching the ATO to
reschedule the payments under the payment plan.
The Board has commenced a detail review of the Group's finance
function and all necessary steps to strengthen the Group's internal
procedures and controls. The Board is being assisted in this review
by its largest shareholder, Sheffield Haworth Limited.
Angus Watson, Nakama's Chief Financial Officer has tendered his
resignation and will step down from the Board with immediate
effect, and has agreed to assist the Group in the short term whilst
the Board look to engage a new finance director in the near term.
The Board would like to thank Angus for his service to the
company.
As announced on 27 February 2018, the Group's business has
continued to produce losses in Australia, Singapore and London,
negatively impacting the Group's overall financial position.
Accordingly, the Board is closely monitoring the Group's working
capital requirements.
A further update will be made in due course.
Enquiries:
Nakama Group plc www.nakamaglobal.com
Andrea Williams, CEO Tel: 00 971 5060 43366
Tim Sheffield, Chairman Tel: 00 44 20 7236
2400
Allenby Capital Limited
Virginia Bull / Nick Naylor Tel: 00 44 20 3328
(Nominated Adviser) 5656
www.allenbycapital.com
Peckwater PR Tel: 00 44 7879 458
Tarquin Edwards 364
tarquin.edwards@peckwaterpr.co.uk
NOTES TO EDITORS
About Nakama Group plc
Nakama Group plc is a recruitment group of two branded solutions
placing people into specialist and management positions;
-- Nakama operates in the digital, creative, media, marketing
and technology sectors all over the world from offices in the UK,
Asia and Australia.
-- The Highams brand specialises in the Financial Services
sector, specifically Business Change and IT in Insurance and Wealth
Management currently in the UK and Europe.
Nakama Group plc was created in October 2011 through the
acquisition of Nakama Ltd UK and its subsidiaries in Hong Kong,
Sydney and Melbourne by AIM listed Highams Systems Services Group
plc.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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