7 February 2024
The 600
Group PLC
("600
Group", the "Group" of or the "Company")
Trading
Update
Update
regarding Annual Report and Debt Facilities
600 Group plc, the diversified
industrial engineering company (AIM: SIXH), announced on 7 December
2023 that the US Group companies had received a notice from Bank of
America of default and demanding for payment in full of the Group's
now expired and fully drawn US$5.5 million (the "Facility") by 15 December 2023 (the
"Default Notice"). As
previously announced, the Company has not been able to repay the
Facility, which remains in default.
Since December, trading conditions
for the Group have remained challenging, with demand for capital
goods remaining subdued and the Company has continued to be loss
making at an operating level. The Company has therefore been
seeking to manage its existing resources accordingly.
As at 31 December 2023 the Group had
unaudited trade payables balances, in addition to the Facility, of
US$5.5 million and unaudited gross cash balances of US$0.8
million.
The Group remains in discussions
with other parties in respect of potential funding options,
including in respect of potential asset sales. However, there can
be no certainty as to whether any additional funding will be
available to the Group to secure its financial position or as to
the terms upon which funding may be available to the
Group.
Until such time as additional
funding is secured and available to the Group, the audit process in
respect of the Company's Annual Report for the year ended 31 March
2023 (the "2023 Annual Report") cannot be concluded. As a result,
the Board of Directors of the Company has now concluded that the
2023 Annual Report will not be published prior to 31 March
2024.
As a result, trading in the
Company's ordinary shares on AIM will continue to be suspended
pending, inter alia,
publication of the 2023 Annual Report and the Company's interim
results for the six months ended 30 September 2023. Pursuant to
Rule 41 of the AIM Rules for Companies, the admission of the
Company's ordinary shares to trading on the AIM market of the
London Stock Exchange is currently due to be cancelled with effect
from the date falling six months from the date of suspension of
trading in the Company's ordinary shares on 2 October 2023
("Cancellation").
Prior to Cancellation, and
notwithstanding the prevailing suspension of trading in the
Company's ordinary shares, the Company will continue to make
announcements as and when there are any developments that require
announcement in accordance with its obligations under the AIM Rules
for Companies.
Enquiries:
|
The
600 Group PLC
Paul Dupee, Executive
Chairman
|
Tel: +1 407 818 1123
|
|
Cavendish Capital Markets Ltd (Nominated Adviser and
Broker)
Ben Jeynes / Dan Hodkinson
(Corporate Finance)
Henry Nicol (Sales)
|
Tel: 020 7220 0500
|
The information contained within
this announcement is deemed by the Company to constitute inside
information as stipulated under the UK version of the EU Market
Abuse Regulation 596/2014 which is part of UK law by virtue of the
European Union (Withdrawal) Act 2018, as amended and supplemented
from time to time. Upon the publication of this announcement, this
inside information is now considered to be in the public
domain