Response to AIM Disciplinary Notice

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 £300,000, 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	[phone]
Shore Capital Edward Mansfield Anita Ghanekar James Thomas	[phone]
Alma PR John Coles Josh Royston Helena Bogle Robyn Fisher	[phone]

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.

 

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