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Naibu Global Intl Co (NBU)

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Wednesday 18 February, 2015

Naibu Global Intl Co

Update

RNS Number : 1687F
Naibu Global International Co PLC
18 February 2015
 



 

 

Press Release

18 February 2015

 

 

Naibu Global International Company Plc

 

("Naibu", the "Company" or the "Group")

 

Update

 

Following the announcement made on 9 January 2015, the non-executive Directors of Naibu are disappointed to report that they have been unable to obtain any information regarding the Company's trading operations in China, and therefore they are currently unable to provide shareholders with any update on the financial position of the Company. Neither Mr. Lin Huoyan, the Chairman, nor Mr. Lin Congdeng, executive Director, have responded to requests from the non-executive Directors to provide such information.

 

The non-executive Directors understand that market conditions have continued to be difficult and negotiations with distributors still have to be successfully concluded. They believe trade debtors have increased substantially, but in the absence of further information from the executive Directors, they are unable to assess the extent of this or the current financial position of the Company.

 

In order to clarify the position, the non-executive Directors have appointed KPMG to prepare a report on the Group's financial position, following which the non-executive Directors will decide what steps to take regarding the continuing business of the Group.  The non-executive Directors have asked Mr Lin to co-operate with KPMG in the preparation of this report, although as yet, he has not indicated he will do so. The non-executive Directors are exploring what further steps they can take to ensure that this report is prepared in a timely fashion.

 

The non-executive Directors are endeavouring to restore the Group to normal operations, with a view to preserving shareholder value and with the objective of allowing trading in the Company's shares to resume as soon as practicable.

 

Further announcements will be made as appropriate; following resolution of the current management issues, completion of KPMG's report and of the audit for the year ended 31 December 2014.

 

- Ends -

 

For further information:

Naibu Global International Company Plc

Tel: +44 (0) 20 7398 7700

Giles Elliott, Non-Executive Deputy Chairman

www.naibu.com

 

ZAI Corporate Finance Limited

Tel: +44 (0) 20 7060 2220

Tom Price


 

Media enquiries:

Abchurch Communications


Henry Harrison-Topham / Quincy Allan

Tel: +44 (0) 20 7398 7700

[email protected]

www.abchurch-group.com

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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