Nakama Group Plc Trading and corporate update (1957F)
13 November 2020 - 6:00PM
UK Regulatory
TIDMNAK
RNS Number : 1957F
Nakama Group Plc
13 November 2020
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014 ("MAR")
13 November 2020
Nakama Group plc
("Nakama" or the "Company")
Trading and corporate update
Nakama (AIM:NAK), the AIM quoted recruitment consultancy working
across the UK and Asia providing recruitment and related services
for the web, interactive, digital media, IT and business change
sectors, provides a trading and corporate update.
As noted in the Company's announcement of 21 September 2020, the
COVID-19 pandemic had an immediate and significant impact on the
Group's trading activities. The Company has utilised a number of
government initiatives in the UK (including the Coronavirus Jobs
Retention Scheme), Hong Kong and Singapore in order to preserve
cash and retain the businesses ability to continue to trade.
Recent trading has been in line with management's expectations,
as re-set following the onset of the COVID-19 pandemic, but market
conditions remain difficult particularly in light of a second wave
of the pandemic and continued uncertainty following new national
lockdowns.
It remains the Board's view that as the various government
support schemes are ended, the Company will face a number of
trading and cashflow challenges and without access to additional
capital the Group's working capital situation may deteriorate. The
Company's largest shareholder has made it clear to the Board that
they would not support a fundraise and would vote against the
necessary shareholder resolutions to issue new shares.
As such and noting that the UK government support schemes are
due to end in Q1 2021, the Board is now exploring a number of
options for the Company and its businesses and further
announcements will be made as and when appropriate.
Enquiries:
Nakama Group plc www.nakamaglobal.com
Tim Sheffield, Chairman 00 44 20 7236 2400
Robert Thesiger, Chief Executive
Officer 00 44 20 3588 4560
Allenby Capital Limited (Nominated
Adviser and Broker) 00 44 20 3328 5656
Nick Naylor / Liz Kirchner (Corporate
Finance)
Guy McDougall (Sales)
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END
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