Trading Update
June 17 2009 - 1:00AM
UK Regulatory
TIDMTSE
RNS Number : 0053U
Touchstone Group PLC
17 June 2009
Touchstone Group plc
("Touchstone" or the "Group")
Preliminary Results Announcement and Proposed AIM Cancellation
Touchstone Group plc, the AIM-quoted provider of business software solutions and
consultancy services confirms that Preliminary Results for the 12 months ended
31 March 2009 will be announced on 8th July 2009.
Whilst the Group's preliminary results for the year to 31 March 2009 are still
subject to the audit process and final sign off, final figures are expected to
be in-line with market expectations.
The Board has been encouraged by a number of new contracts wins in recent months
and has also been selected as preferred supplier on several significant
projects. However, whilst certain divisions are experiencing encouraging levels
of demand, general market conditions are still difficult. The recent
introduction of a more effective operational structure coupled with a review of
overheads has ensured that the Group is in better shape and should be ideally
placed to respond once general market conditions improve.
As part of the review of general overheads, the Board has also been considering
the costs associated with maintaining its public company quotation.
Historically, the Board has rarely utilised the AIM market for its expansion
capital and has no plans to do so in the immediate future. The Board has
therefore concluded that the costs and associated obligations of its AIM
quotation are a considerable burden and shareholders may be better served if the
Group cancelled its AIM quotation.
The Board can confirm that it is evaluating proposals that will be put to
shareholders for their approval which will encompass a cancellation of the AIM
quotation and, depending upon the cash-flow needs of the business, a limited
share buyback at an appropriate price. Hopefully, this will allow shareholders
who do not wish to remain shareholders of an unquoted company an opportunity to
divest all or part of their shareholding. Additionally, the Board is also
considering establishing a matched bargain facility for those shareholders who
may wish to dispose of their shareholding in the period following the AIM
Cancellation.
The Board anticipates that it should be in a position to update shareholders on
both the AIM cancellation and prospective buy-back of shares when the
preliminary results are announced on 8th July 2009.
Enquiries to:
Keith Birch, Chief Executive Officer
Touchstone Group plc020 7121 4700
Matt Davis
Alison Barrow
Brewin Dolphin (NOMAD) 0845 270
8600
This information is provided by RNS
The company news service from the London Stock Exchange
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