Yu Group PLC Response to AIM Disciplinary Notice (5702V)
August 10 2020 - 2:00AM
UK Regulatory
TIDMYU.
RNS Number : 5702V
Yu Group PLC
10 August 2020
10 August 2020
Yü Group PLC
("Yü Group" or the "Group")
Response to Disciplinary Notice
Yü Group PLC, the independent supplier of gas, electricity and
water to the UK business sector, has agreed settlement terms with
the London Stock Exchange plc (the "Exchange") for a public censure
and fine of GBP300,000, waived in full, for breaches of Rules 10
and 31 of the AIM Rules for Companies which occurred between March
2018 and September 2018.
The events of 2018 leading up to the censure relate to the rapid
expansion of the Group, which had, at the time, outgrown the
Group's internal financial controls and reporting systems. This
resulted in an inaccurate disclosure of the Group's financial
performance, which was identified by the new CFO who was appointed
in September 2018.
As a result, Yü Group has strengthened its board and procedures
and controls, which are overseen by independent non-executive
directors. Additionally, appropriate corporate governance and
financial controls are now properly embedded in the Group's
culture.
The Exchange recognises the Group's prompt approach to
addressing the matters raised and subsequent remediation programme.
The Exchange has waived the fine in light of the current economic
uncertainty impacting the Company. The Company considers that this
draws the matters associated to 2018 to a close and the Group looks
forward to building on its forward-looking approach and to scaling
the business.
Further details of the Exchange's findings can be viewed here
AIM Notices .
For further information, please contact:
Yü Group PLC
Bobby Kalar
Paul Rawson +44 (0) 115 975 8258
Shore Capital
Edward Mansfield
Anita Ghanekar
James Thomas +44 (0) 20 7408 4090
Alma PR
John Coles
Josh Royston
Helena Bogle
Robyn Fisher +44 (0) 20 3405 0205
Notes to Editors
Information on the Group
Yü Group PLC, trading as Yü Energy, is an independent supplier
of gas, electricity and water focused on servicing the business
sector throughout the UK. It has no involvement in the retail
supply of energy to the domestic sector. The Group was listed on
the AIM market of the London Stock Exchange in March 2016.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCGZGGRGLDGGZZ
(END) Dow Jones Newswires
August 10, 2020 03:00 ET (07:00 GMT)
Yu (LSE:YU.)
Historical Stock Chart
From Apr 2024 to May 2024
Yu (LSE:YU.)
Historical Stock Chart
From May 2023 to May 2024