Joules Group plc Intention to Appoint Administrators and Suspension (2270G)
November 14 2022 - 1:00AM
UK Regulatory
TIDMJOUL
RNS Number : 2270G
Joules Group plc
14 November 2022
This announcement contains inside information within the meaning
of the Market Abuse Regulation.
Joules Group Plc
("Joules", the "Group", the "Company")
Update on Financing Process, Intention to Appoint Administrators
and Suspension of Trading in Shares
On 7 November 2022, the Company announced it was in advanced
discussions with a number of strategic investors to provide a
cornerstone investment in an equity raise process. The Company also
announced it was in discussions regarding a bridge financing
proposal in order to enable continued progress to be made with the
re-financing plans referred to above. The Board confirms these
discussions with various parties have not been successful and have
now terminated.
Regrettably therefore, the board of Joules has resolved to file
a notice of intention to appoint Will Wright, Ryan Grant and Chris
Pole of Interpath Advisory Limited as administrators to the Company
and Joules Limited, and Will Wright and Ryan Grant to The Garden
Trading Company Limited and Joules Developments Limited as soon as
reasonably practicable.
The board is taking this action to protect the interests of its
creditors.
In light of the above, the Board announces that it has requested
a suspension of trading in the Company's ordinary shares on AIM
with effect from 07.30 a.m. today.
Further announcements will be made in due course.
Enquiries:
Joules Group plc Tel: +44 (0) 1858
435 255
Jonathon Brown, CEO
Caroline York, CFO
Hudson Sandler (Financial PR) Tel: +44 (0) 20
7796 4133
Alex Brennan
Lucy Wollam
Peel Hunt LLP (NOMAD and Joint Broker) Tel: +44 (0) 20
7418 8900
George Sellar
Andrew Clark
Liberum Capital Limited (Joint Broker) Tel: +44 (0) 20
3100 2000
John Fishley
Edward Thomas
This announcement contains inside information within the meaning
of the Market Abuse Regulation. The person responsible for
arranging release of this announcement on behalf of Joules is
Caroline York, Chief Financial Officer.
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END
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