Statement re. Temporary Suspension

ZAIM Credit Systems PLC

02 May 2023

 

For Immediate Release

2 May 2023

Adalan Ventures plc

("Adalan" or the "Company")

(Formerly known as Zaim Credit Systems plc)

Suspension of shares and corporate update

Adalan Ventures plc. (LSE:  ZAIM), the fintech group, announces that due to complexities around the availability of financial information and associated delays as a result of the unforeseen loss of its main operating subsidiary and financial records mid way through the 2022 financial year, the audited annual results for 2022 will be delayed and not meet the required deadline.

As such the Company has requested the suspension of the listing in the Company's ordinary shares on the Standard Segment of the Official List, and trading on the London Stock Exchange's Main Market has been suspended with effect from 7.30 am on the 2 May 2023, pending publication of the annual results.

Corporate update

The company is in the process of changing its name to Adalan Ventures plc and following this intends to undertake a share consolidation to generate lower and more appropriate number of shares in issue for an entity with its market capitalisation additionally enabling a capital raise to be undertaken so that it can execute its strategy.

The Company is in the process of reviewing potential business opportunities and will update the market as required.

Further information can be found at the new corporate website:  https://adalanventures.com/

*Ends*

Enquiries:

Siro Cicconi	Tel: [phone]
Optiva Securities Limited
Vishal Balasingham	Tel: [phone]

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

 

END