On 16 April 2021 nmcn ("the Company") announced that its audited financial statements for year ended 31 December 2020 (the "2020 Results") were expected to be published by 30 June 2021. However, the audit is still ongoing mainly in respect of concluding the determination of contract costs to complete and recognition of recoveries.
As a result of this additional work, it will not be possible to publish the 2020 Results by 30 June 2021. This is the last date permitted for publication of the 2020 Results under the Financial Conduct Authority's (the "FCA") Disclosure Guidance and Transparency Rules (as modified by the temporary relief granted to all listed companies by the FCA on 26 March 2020).
The Board has therefore, in accordance with Chapter 5.3 of The Listing Rules, engaged with the FCA to request a temporary suspension of the Company's shares from the official list and from trading on the premium segment of the Main Market of the London Stock Exchange. The suspension will take effect from 8.00 a.m. on 29 June 2021 and continue until publication of the 2020 Results. The Company's priority and focus is the production of the 2020 Results at the earliest possible date.
The Company continues to work with SVELLA Plc and its advisors in order to conclude the required documentation to convene a general meeting to seek shareholder approval to complete the refinancing at the earliest opportunity.
Andrew Tinkler, Chairman of SVELLA Plc, commented: “We note the technical requirement to suspend trading of the Company shares pending publication of its 2020 Results. We understand that the Company is working with its auditors to close out these historic matters as a priority. Svella continues to work with the Company to progress this recapitalisation which will provide the required capital to allow the Company to achieve its growth potential as set out in the announcement on 21 June 2021.”
A further announcement will be made in due course as appropriate.