Update re publication of accounts

RNS Number : 8063U

TLA Worldwide PLC

27 October 2017

 

27 October 2017

TLA Worldwide plc

("TLA" or "the Group")

Update re publication of accounts

TLA Worldwide plc (AIM: TLA), a leading athlete representation and sports marketing business, today announces that it will publish both its audited full year results for the twelve months ended 31 December 2016 and its unaudited interim results for the six months ended 30 June 2017 no later than the end of November 2017.

The results will include details on current trading along with details of actions taken by the Group to strengthen the financial procedures, systems and controls within its US business.  As part of this, the US finance team is being strengthened by the appointments of a new CFO for the US business, with relevant sector and industry experience, and an additional US Financial Controller, both of whom are due to start at the end of this month.  Further, a new Group CFO, to be based in the UK, will be announced shortly. The Group's interim CFO, Bill Armstrong, will remain in place for a sufficient period of time to ensure an orderly handover process.

The work undertaken by the Group over the past few months has included a forensic review of the Group's US accounting records by an independent international accounting firm to ensure that the accounting records are robust and accurate.  The review covered the full year 2015, full year 2016 and half year 2017.  As a result of this forensic review, and subsequent investigation, strong evidence has emerged that former Group CFO, Don Malter, engaged in cash misappropriation and other unauthorised transfer of funds totalling approximately $0.8 million over a three year period. The Board confirms that the Group has implemented significantly enhanced internal controls and procedures such that this cannot be repeated. The Group is in discussions with its insurers regarding this matter and further details will be included in the Group's results announcement.

The Group is pleased to report that it remains in constructive discussions with its main lender in relation to agreeing an amended debt facility and further details will be announced in due course. 

The Group is looking forward to reporting on current year trading performance and it believes that the underlying prospects of the Group remain positive. This can be highlighted by a number of recent accomplishments including fielding a record high number of clients at the 2017 MLB All-Star Game and a sell-out of nearly 100,000 fans attending the Argentina v Brazil Superclasico soccer match in June 2017.

Enquiries:

TLA Worldwide
Bart Campbell, Executive Chairman Michael Principe, Chief Executive Officer	[phone]
Numis Securities
Nick Westlake and Oliver Hardy (Nomad)	[phone]
Christopher Wilkinson (Broker)
Luther Pendragon
Harry Chathli, Alexis Gore	[phone]

 

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