OUT Outsourcery

TIDMOUT

RNS Number : 2088A

Outsourcery PLC

03 June 2016

3 June 2016

OUTSOURCERY PLC

Update and Suspension of Trading

Outsourcery plc (AIM: OUT, 'Outsourcery' or 'the Company'), the leading Cloud Service Provider and provider of cloud-based unified communications solutions, today provides an update on its working capital facility with its principal secured lender, Vodafone.

Pursuant to the conditions of the working capital facility, Outsourcery has progressed with the previously announced restructuring, including discussions about the disposal of business assets in the immediate term.

Outsourcery has received a number of initial offers for its assets, though the potential proceeds from the current proposals would potentially leave no or limited value to equity shareholders. The Board continues to carefully evaluate approaches for assets as well as a number of further options to strengthen the immediate and long-term financial position of the Company.

While discussions with third parties are ongoing, they have had no material adverse impact on current business activity, with Outsourcery securing new direct customer contracts and continuing with further product development.

While the process continues, the Board has concluded that it is no longer possible to present audited financial results for the year ended 31 December 2015 by 30 June 2016.

As such the Company has requested a temporary suspension of the under-mentioned securities from trading on AIM with immediate effect, pending publication of its audited financial results and the appropriate notification being made in accordance with the AIM Rules.

ORDINARY SHARES OF 1 PENCE EACH, FULLY PAID (SEDOL: B9G9LV1) (ISIN: GB00B9G9LV10)

The Board has resolved to change the Company's accounting reference date to 31 March and extend the latest accounting period to the 15 months ended 31 March 2016. Further announcements will be made by the Company as appropriate.

ENDS

For further information please contact:

 
 Outsourcery plc 
  Piers Linney, Co-CEO 
  Simon Newton, Co-CEO             +44 (0)330 313 0077 
 
   Investec 
   Andrew Pinder / Patrick Robb      +44 (0)20 7597 5100 
 
   FTI Consulting 
   Dwight Burden / Rob Mindell       +44 (0)20 3727 1000 
 

Ends

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCGMGGVFFRGVZM

(END) Dow Jones Newswires

June 03, 2016 09:10 ET (13:10 GMT)

Outsourcery (LSE:OUT)
Historical Stock Chart
From Dec 2024 to Jan 2025

Outsourcery (LSE:OUT)
Historical Stock Chart
From Jan 2024 to Jan 2025