TIDMACRL
RNS Number : 9017W
Accrol Group Holdings PLC
20 November 2017
20 November 2017
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE
UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH
AFRICA, THE REPUBLIC OF IRELAND, NEW ZEALAND OR ANY OTHER
JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION
WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT
CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMATION,
OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE
OR DISPOSE OF ANY SECURITIES IN ACCROL GROUP HOLDINGS PLC OR ANY
OTHER ENTITY IN ANY JURISDICTION. NEITHER THIS ANNOUNCEMENT NOR THE
FACT OF ITS DISTRIBUTION, SHALL FORM THE BASIS OF, OR BE RELIED ON
IN CONNECTION WITH ANY INVESTMENT DECISION IN RESPECT ACCROL GROUP
HOLDINGS PLC.
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.
Accrol Group Holdings plc
("Accrol" or the "Company" and together with its subsidiaries
the "Group")
Proposed Placing to raise GBP18 million, Lifting of Suspension
on AIM, Trading Update and Proposed New Director Appointment
Accrol Group Holdings plc (AIM: ACRL), the AIM-listed
independent tissue converter, announces the following (details of
all of which are set out further below):
-- Proposed Placing of GBP18 million including GBP200,000
proposed participation by the Directors and a Proposed New
Director
-- Lifting of Suspension on AIM
-- Trading Update
-- Banking Update
-- Working Capital Position
-- Outlook
-- Update on Health & Safety Matters
-- Proposed New Director Appointment and Management Changes
-- Management Incentive Arrangements
Peter Cheung, Chairman of Accrol, said: "The past few weeks have
been extremely challenging for Accrol and its shareholders, as we
navigated our way through industry-wide issues and sought a
solution to the Group's short-term funding problems. We believe
that the business is through the worst and thank all our investors
for their patience, during the period of suspension. The Board is
very grateful to the Company's shareholders and its bank for
supporting the business through this difficult period.
"Our new CEO, Gareth Jenkins, who joined the Company on 11
September, is already having a positive impact on the business. He
has completed a full operational review and a restructuring is now
underway. Gareth's considerable industry knowledge and proven track
record for delivering significant operational efficiencies give the
Board confidence going forward and we look forward to providing
regular updates on the Group's progress."
Enquiries:
Zeus Capital Limited (Nominated Adviser & Broker)
Dan Bate / Andrew Jones Tel: +44 (0) 161 831 1512
Dominic King / John Goold Tel: +44 (0) 203 829 5000
Belvedere Communications Limited Tel: +44 (0) 203 567 0510
Cat Valentine (cvalentine@belvederepr.com) Mob: +44 (0) 7715 769
078
Kim van Beeck (kvbeeck@belvederepr.com) Mob: +44 (0) 7477 967
446
Proposed Placing of GBP18m
Accrol announces a proposed placing of GBP18 million, by way of
a conditional placing ("Placing") of 36,000,000 new ordinary shares
of GBP0.001 each in the capital of the Company (the "Placing
Shares") at a price of 50 pence per share (the "Issue Price"). If
approved by shareholders of the Company ("Shareholders") the
Placing Shares to be issued pursuant to the proposed Placing are
expected to represent approximately 27.9 per cent. of the enlarged
issued share capital of the Company immediately following the
admission of the Placing Shares to trading on AIM ("Admission").
The Placing Shares will rank pari passu in all other respects with
the Company's existing ordinary shares of GBP0.001 each ("Ordinary
Shares").
The Placing Shares were offered to certain qualifying investors
by Zeus Capital acting as sole broker in connection with the
Placing.
The proposed Placing will be subject to, and conditional on:
-- the passing, without amendment, of certain resolutions to be
proposed at the General Meeting, as will be set out in the notice
of General Meeting to be posted to Shareholders (the
"Resolutions");
-- Admission occurring by no later than 8.00 a.m. on 11 December
2017 (or such later time and/or dates as may be agreed between the
Company and Zeus Capital, being no later than 5.00 p.m. on 29
December 2017);
-- the completion of legal documentation to reflect and
implement the Revised Banking Arrangements (defined below) which
shall be conditional only upon Admission; and
-- the Placing Agreement becoming unconditional in all respects
(save for the condition relating to Admission) and not having been
terminated in accordance with its terms.
The Directors intend to use the proceeds of the Placing to:
-- mitigate the identified short-term funding requirement;
-- support future working capital requirements of the Group;
-- implement restructuring to improve operational aspects of the business;
-- implement plans to review and improve the Group's health & safety procedures;
-- assist in meeting the revised banking covenants contained in
the Revised Banking Arrangements; and
-- pay the costs associated with the Placing.
Director/Proposed Director Participation in the Placing
The following Directors and the Proposed Director have
subscribed for an aggregate of 400,000 Placing Shares
as follows:
Name Title Number Value of Resulting Percentage
of Shares Shares Shareholding of Enlarged
Share
Capital
---------------- ------------------- ------------ ----------- --------------- -------------
Peter Cheung Chairman 50,000 GBP25,000 661,683 0.51%
---------------- ------------------- ------------ ----------- --------------- -------------
Gareth Jenkins CEO 100,000 GBP50,000 100,000 0.08%
---------------- ------------------- ------------ ----------- --------------- -------------
Non-executive
Steve Hammett Director 40,000 GBP20,000 40,000 0.03%
---------------- ------------------- ------------ ----------- --------------- -------------
Non-executive
Joanne Lake Director 10,000 GBP5,000 35,000 0.04%
---------------- ------------------- ------------ ----------- --------------- -------------
Dan Wright Proposed Director 200,000 GBP100,000 200,000 0.16%
---------------- ------------------- ------------ ----------- --------------- -------------
Further details relating to the Placing are set out further
below.
Lifting of Suspension on AIM
As detailed in the Company's announcement of 5 October 2017,
Accrol's Ordinary Shares were suspended from trading on the AIM
Market on that day. The closing mid-market price of an Ordinary
Share immediately prior to suspension was 132p. The Company is now
proposing to raise GBP18 million pursuant to the Placing, having
renegotiated its banking terms with HSBC Bank plc (details of the
revised terms are set out further below) and is providing a Trading
Update and Outlook Statement in relation to the Directors'
expectations going forward (which is also set out below).
Restoration of trading in the Shares will take effect from 07:30
today, 20 November 2017.
Trading Update
Pulp Paper Market Dynamics and Parent Reel Costs
As previously announced on 5 October 2017, the Company, along
with the industry generally, began to experience a sudden and
significant change in trading conditions in the second quarter of
its current financial year. This was caused principally by rapid
inflation in pulp prices with BHKP (hardwood) pulp prices
increasing by 40.6% in the period from January to October 2017*,
which relates to the majority of Accrol tissue production, and NBSK
(softwood) pulp prices increasing by 13.7% in the same period.
These rises resulted from a reduction in supply of pulp due,
principally, to pulp mill closures in China and longer than
expected mill maintenance in Brazil, which were also exacerbated by
increased Chinese demand for pulp paper. This was further
compounded by foreign exchange headwinds. Together, these factors
substantially increased the Group's parent reel input costs.
* Source: Foex Indexes Ltd
Price Rises to Customers
Prior to the trading update issued on 5 October 2017, the
Company had achieved limited success in passing on these
inflationary pressures to its customers. Although input costs rose
further in October, as pulp prices continued to rise (detailed
above), the Company has, in the last few weeks, made tangible
progress on agreeing price increases with its customers and the
Board is confident of a positive outcome to these negotiations.
In its evaluation of the funds needing to be raised as part of
the Placing, the Board's financial model includes some acceptance
of price increases across Accrol's customer base. The Directors
will keep this under close review, in light of the highly sensitive
nature of price increases to the Company's financial performance
and working capital position. In addition, the Board notes that
price increases may result in a reduction in volumes from
customers. Again, the Board has assumed some volume loss in its
financial model but, if there were to be greater volume loss than
expected, then this would adversely impact expected financial
performance and its working capital position.
Operational Efficiencies and Restructuring
The Board has undertaken a full review of the Group's operations
and has begun implementing a comprehensive restructuring to improve
operational efficiencies.
The Company plans the following actions over the next 12 months,
which the Board believes could result in savings of circa 6% per
annum:
-- a proposed reduction in headcount of 89, currently in
consultation period, and reduction in overall labour costs;
-- an ongoing focus on reduction in waste levels;
-- a reduction in the number of SKUs;
-- investment in systems and people to deliver efficiencies in
purchasing, logistics, storage and manufacturing;
-- streamlining and rationalising supply lines.
As the business drives towards its goal of being a leader in
operational excellence in the industry, it has increased its focus
on improving and redeploying skills throughout the manufacturing
process and expects to see tangible results over the next 12
months.
Working Capital Management
The Company has already implemented a number of working capital
initiatives, which have resulted in working capital improvements of
circa GBP5m (relating to reduction in finished goods, raw material
stocks and the collection of older debtors). The operations team
will continue to seek to identify opportunities to improve working
capital, including the simplification of the manufacturing
process.
Foreign Exchange Hedging
In FY17, the Group entered into a significant volume of forward
currency contracts ahead of, and following, the EU referendum,
selling Sterling and purchasing both US$ and Euro. The Company
continued and will continue to follow the same policy in FY18.
Banking Update
The Group currently has a revolving credit facility of GBP16m
(reducing to GBP14m in 30 April 2018) drawn at GBP15m, and an
Invoice Discounting facility (the "ID facility") of GBP23m. The
Group has reached agreement with HSBC Bank plc to revise its
covenants in line with the Directors' current expectations of
trading ("the Revised Banking Arrangements"). In addition to
standard liquidity (minimum cash balance) and asset coverage
covenants, the revised covenants include a trading covenant based
on minimum EBITDA levels, which is, in turn, based on a minimum
EBITDA for the year ending 30 April 2019 of GBP4.6m. Taking into
account the agreed tolerances from this minimum adjusted EBITDA
level, the covenant tests can be summarised as follows:
Date of test Adjusted EBITDA
30 April 2018 for previous 12 months (GBP2,782,000)
31 July 2018 for previous 3 months (GBP12,000)
31 October 2018 for previous 6 months GBP1,116,000
31 January 2019 for previous 9 months GBP2,381,000
30 April 2019 for previous 12 months GBP4,125,000
These minimum adjusted EBITDA levels are subject to upward
revision in the event that there are upgrades to analyst
forecasts.
The minimum adjusted EBITDA levels, on which this covenant is
set, are highly sensitive to the following three factors, namely
parent reel pricing, US$/Sterling exchange rates and level of
turnover.
Any breach of the trading covenant would trigger a 90-day
standstill period (commencing from the 15(th) day following the
breach test date), during which time the bank will not be able to
withdraw its facilities or enforce its security, as long as the
Company complies with its obligations during that period. It is
likely in such a scenario that the Company would need to consider
all funding possibilities available at that time, which could
include refinancing of its debt facilities and/or raising further
equity.
The Group has reached agreement with HSBC Bank plc for the
revolving credit facility to remain committed until13 June 2021 and
the ID facility is committed for a three months' rolling period, in
line with the terms of the existing agreement. As is normal with
such facilities, the advance rate against fundable debtors in
relation to the ID Facility is subject to change, pursuant to the
terms of the facility, and the Directors believe this is a standard
term incorporated into the majority of invoice discounting
providers terms and conditions. To the extent the advance rate
reduces, this would decrease the level of funding available to the
Group under the facility.
The Revised Banking Arrangements have received credit approval
from HSBC Bank plc but are subject to formal legal agreement. It is
anticipated that formal legal agreement of the Revised Banking
Arrangements, which is a condition of the Placing, will be in place
ahead of the General Meeting (details of which are contained
further below) and conditional only on Admission.
Working Capital Position
The Directors believe, having taken into account the proceeds of
the Placing and the availability of funds pursuant to the Revised
Banking Arrangements, that the Group will have sufficient working
capital for its short-term requirements. However, the Board is
unable to make any confirmations about sufficiency of working
capital beyond this, due to the Group's working capital being
highly sensitive to, amongst other things, parent reel pricing,
foreign exchange fluctuations and level of turnover. As such, there
can be no guarantees that the funds raised pursuant to the Placing,
together with the available bank and other facilities that will be
in place following Admission, will be sufficient for the Group's
requirements for the next 12 months and that the Group may require
further funds to be raised during this period to secure the
Company's longer-term future.
Outlook
Given the ongoing input cost pressures, the Board expects that
the Group will break even or make a marginal loss in the year to 30
April 2018 at the adjusted EBITDA level. In view of this, the Board
will not be proposing a final dividend for the current year.
The Directors expect the Company to return to a small profit at
adjusted EBITDA level in the year to 30 April 2019, which will
enable it to comply with the requirements of the EBITDA banking
covenant test detailed above. It is the Board's intention to return
to the dividend list at the earliest appropriate opportunity.
The net debt position of the Company on Admission, taking into
account the net proceeds of the Placing of GBP18 million, is
expected to be approximately GBP22 million and the Directors expect
that this will move to no more than approximately GBP23 million by
30 April 2018.
As mentioned above, the Group's trading performance is extremely
sensitive to a number of key variables which could have a
significant effect (positive or negative) on the Company's
profitability, which could in turn lead to a breach of the trading
covenant detailed above. These sensitivities, which underpin the
Company's expected financial performance for FY2018 and FY2019,
include:
-- parent reel pricing;
-- the exchange rate between Sterling and US$; and/or
-- level of turnover.
Update on Health & Safety Matters
As previously announced at a hearing on 12 October 2017, Accrol
Papers Limited (a wholly owned subsidiary of the Company) pleaded
guilty to a single health and safety regulatory offence arising out
of an incident, whereby an employee sustained a serious injury to
the top of his right index finger whilst attempting to remove a
paper jam from a section of machine. The accident resulted in the
employee's right index finger being crushed and subsequently
amputated below the first distal joint. The employee returned to
work two weeks after the injury occurred and remains an employee of
the Company. The Health and Safety Executive (HSE) has indicated to
the Company that the offence sits within the "high culpability"
category (which is disputed by Accrol Papers Limited), meaning it
is seeking a fine in the range of GBP550,000 to GBP2.9 million for
this incident with a starting point of GBP1.1m. The Court has
stated that Accrol Papers Limited will receive maximum credit for
its early guilty plea. Consequently, any fine imposed will be
subject to a discount of one third. Sentencing is expected on 17
January 2018 and, as previously announced, any such fine is likely
to have a material impact on the Company's cash position. An
announcement detailing the fine will be made following this
hearing. The employee has since issued a civil claim which is being
handled by the Group's insurer.
The Company takes the health and safety of its employees very
seriously and has co-operated fully with the HSE in its
investigations. In common with other manufacturing businesses,
however, there are workplace accidents from time to time. Since
January 2016 (to the date of this announcement) Accrol Papers
Limited has submitted a total of 11 reportable incidents to the HSE
(excluding the incident referred to above) under the Reporting of
Injuries, Diseases and Dangerous Occurrences Regulations 2013.
Accrol Papers Limited has not received any communication from the
HSE following these reports. The Board is of the view that this
indicates that there is unlikely to be further prosecution.
However, Accrol Papers Limited cannot guarantee that there will be
no further investigations or prosecutions made by the HSE in
respect of such reported incidents.
The Company is aware that the Local Authority is intending to
inspect the Company's Skelmersdale warehouse which is operated by a
third party on the Company's behalf. This is as a result of
previous HSE concerns relating to the stacking of pallets at that
site. Therefore, further investigations or enforcement actions
cannot be discounted.
Proposed New Director Appointment and Management Changes
Conditional on the Placing completing and on Admission, it is
proposed that Dan Wright will join Accrol's main board as a
non-executive director. Dan joins the Company as a non-executive
director, having previously spent eight years at NorthEdge Capital,
a lower mid-market private equity fund targeting businesses in the
north of England, where he was founder Partner, Chief Operating
Officer and Head of Portfolio with primary responsibility for
financial, development, portfolio and operating matters. Dan held a
Board role at Accrol Group Holdings Limited, prior to the IPO, from
July 2014 - the time of NorthEdge's investment into the Company.
Dan has also held previous roles at Cable Partners LLC, Deutsche
Morgan Grenfell Private Equity and RBS, during which time he was
involved in multiple restructuring and refinancing projects.
Further details in relation to Dan Wright, including those required
by Schedule 2(g) of the AIM Rules for Companies will be provided in
a separate announcement once the appointment is confirmed.
The Company has created a new interim COO role and appointed Don
Coates, formerly CEO of DS Smith Paper, Powerflute and Brintons
Carpets, to the operational board. His experience of operational
and business restructuring in quoted and private equity backed
organisations requiring step change improvement is
considerable.
A senior finance executive, Martin Leitch, has also been
appointed to the operational board on an interim basis to support
in the restructuring of the business. He began his career with
Price Waterhouse and has subsequently held a number of senior
finance roles in major quoted and private equity backed businesses.
Martin has significant experience in manufacturing and consumer
facing businesses.
Management Incentive Arrangements
In order to incentivise the delivery of key performance measures
over the longer term a new Management Incentive Scheme will be
introduced following completion of the Placing.
Further Details of the Placing
Structure
The Directors have given careful consideration as to the
structure of the proposed placing and have concluded that the
Placing is the most suitable option available to the Company and
its Shareholders at this time.
Placing Shares will be issued through the Placing at 50 pence
per Placing Share to raise gross proceeds of GBP18 million.
The allotment and issue of the Placing Shares is conditional on
shareholder approval for the Directors to allot the Placing Shares
and for statutory pre-emption rights to be disapplied in respect of
such allotment.
Principal terms of the Placing
In accordance with the terms of a conditional placing agreement
to be entered into between the Company and Zeus Capital (the
"Placing Agreement"), Zeus Capital has, as agent for the Company,
conditionally placed, with institutional and other investors, the
Placing Shares at the Issue Price to raise gross proceeds of GBP18
million.
The Placing is not being underwritten.
Under the Placing Agreement, the Company has agreed to pay to
Zeus Capital a fixed sum and to pay Zeus Capital commissions based
on the aggregate value of the Placing Shares placed at the Issue
Price and the costs and expenses incurred in relation to the
Placing together with any applicable VAT.
Conditionality
The Placing is conditional, inter alia, upon the following:
-- the passing, without amendment, of the Resolutions;
-- Admission occurring by no later than 8.00 a.m. on 11 December
2017 (or such later times and/or date as may be agreed between the
Company and Zeus Capital, being no later than 5.00 p.m. on 29
December 2017);
-- the completion of legal documentation to reflect and
implement the Revised Banking Arrangements which shall be
conditional only upon Admission; and
-- the Placing Agreement becoming unconditional in all respects
(save for the condition relating to Admission) and not having been
terminated in accordance with its terms.
If the conditions set out above are not satisfied or waived
(where capable of waiver), the Placing will lapse and the Placing
Shares will not be allotted and issued and no monies will be
received by the Company from investors in respect of the Placing
Shares.
Application for Admission
Application will be made to London Stock Exchange plc for the
Placing Shares to be admitted to trading on AIM. Admission of the
Placing Shares is expected to take place, and dealings on AIM are
expected to commence, at 8.00 a.m. on 11 December 2017 (or such
later time and/or dates as may be agreed between the Company and
Zeus Capital). No temporary document of title will be issued.
Effect of the Placing
The Placing Shares will, following Admission, rank pari passu in
all respects with the existing Ordinary Shares in issue at the date
of this announcement and will carry the right to receive all
dividends and distributions declared, made or paid on or in respect
of the Ordinary Shares after Admission.
Upon completion of the Placing the Placing Shares will represent
approximately 27.9 per cent. of the Company's share capital
immediately following Admission, which will include the Placing
Shares.
The Placing Agreement
Pursuant to the terms of the Placing Agreement, Zeus Capital, as
agent for the Company, has agreed to use its reasonable endeavours
to procure subscribers for the Placing Shares at the Issue Price.
The Placing Agreement is conditional upon, among other things, the
conditions set out above and none of the warranties or undertakings
given to Zeus Capital prior to Admission being or becoming untrue,
inaccurate or misleading in any material respect.
The Placing Agreement contains customary warranties given by the
Company in favour of Zeus Capital in relation to, inter alia, the
accuracy of the information in this document and other matters
relating to the Group and its business. In addition, the Company
has agreed to indemnify Zeus Capital (and its affiliates) in
relation to certain liabilities which they may incur in respect of
the Placing.
Zeus Capital has the right to terminate the Placing Agreement in
certain circumstances prior to Admission. In particular, in the
event of a breach of the warranties or a material adverse change or
if the Placing Agreement does not become unconditional.
General Meeting
For the purposes of effecting the Placing, the Resolutions will
be proposed at the General Meeting.
The full text of the Resolutions will be set out in the notice
of General Meeting that will be posted shortly.
Recommendation
The Directors consider the Placing and the passing of the
Resolutions to be in the best interests of the Shareholders and the
Company as a whole. Accordingly, the Directors recommend that
Shareholders vote in favour of the Resolutions as they intend to do
in respect of their beneficial holdings of an aggregate of 881,363
existing Ordinary Shares, representing approximately 0.95 per cent.
of the existing Ordinary Shares.
Importance of Vote
If Shareholder approval of the relevant resolutions is not
achieved, the Placing will not proceed and the Company is at risk
of not being able to continue trading as a going concern. Under
such circumstances, Shareholders could lose all or a substantial
amount of the value of their investment in the Company.
Accordingly, the Directors believe that the successful completion
of the Placing represents the best option available to the Company
and Shareholders.
Related Party Transactions
Peter Cheung, Gareth Jenkins, Steve Hammett, Joanne Lake and Dan
Wright each of whom are either a Director or a Proposed Director
have conditionally subscribed for an aggregate of 398,000 Placing
Shares as set out above. NorthEdge Capital LLP, a substantial
shareholder in the Company (as defined by the AIM Rules for
Companies) has conditionally subscribed for 5,500,000 Placing
Shares. Therefore, the participation of each of these parties in
the Placing constitutes a related party transaction under Rule 13
of the AIM Rules for Companies.
In the case of each of the Directors or Proposed Director above
who have conditionally committed to invest, the remaining Directors
on the Board shall be deemed to be the independent directors and,
in the case of NorthEdge Capital LLP, all Directors of the Board
shall be deemed to be independent, Therefore, having consulted with
the Company's Nominated Adviser, Zeus Capital, each of the
Director's, the Proposed Director's and NorthEdge Capital LLP's
participation in the Placing is considered, by the relevant
independent Directors, to be fair and reasonable insofar as
Shareholders are concerned.
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
Announcement of the Placing 20 November 2017
Dispatch of the circular and 21 November 2017
form of proxy
Latest time and date for receipt 11.00 a.m. on 6 December 2017
of forms of proxy for the General
Meeting
General Meeting 11.00 a.m. on 8 December 2017
Admission of the Placing Shares 8.00 a.m. on 11 December 2017
to trading on AIM
Forward-looking statements
This announcement contains statements about Accrol that are or
may be deemed to be "forward-looking statements".
All statements, other than statements of historical facts,
included in this announcement may be forward-looking statements.
Without limitation, any statements preceded or followed by, or that
include, the words "targets", "plans", "believes", "expects",
"aims", "intends", "will", "may", "should", "anticipates",
"estimates", "projects", "would", "could", "continue" or words or
terms of similar substance or the negative thereof, are
forward-looking statements. Forward-looking statements include,
without limitation, statements relating to the following: (i)
future capital expenditures, expenses, revenues, earnings,
synergies, economic performance, indebtedness, financial condition,
dividend policy, losses and future prospects and (ii) business and
management strategies and the expansion and growth of the
operations of Accrol.
These forward-looking statements are not guarantees of future
performance. These forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of any such person, or
industry results, to be materially different from any results,
performance or achievements expressed or implied by such
forward-looking statements. These forward-looking statements are
based on numerous assumptions regarding the present and future
business strategies of such persons and the environment in which
each will operate in the future. Investors should not place undue
reliance on such forward-looking statements and, save as is
required by law or regulation (including to meet the requirements
of the AIM Rules for Companies, the Prospectus Rules and/or the
FSMA), Accrol does not undertake any obligation to update publicly
or revise any forward-looking statements (including to reflect any
change in expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is based).
All subsequent oral or written forward-looking statements
attributed to Accrol or any persons acting on their behalf are
expressly qualified in their entirety by the cautionary statement
above. All forward-looking statements contained in this
announcement are based on information available to the Directors of
Accrol at the date of this announcement, unless some other time is
specified in relation to them, and the posting or receipt of this
announcement shall not give rise to any implication that there has
been no change in the facts set forth herein since such date.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCGGGCAGUPMGGR
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November 20, 2017 02:00 ET (07:00 GMT)
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