Update re AGM and Annual Report & Board Change

600 Group PLC

01 September 2023

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014, AS AMENDED (AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.

1 September 2023

The 600 Group PLC

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

Notice of Annual General Meeting

Update re Publication of Annual Report

Directorate Change

The 600 Group announces that it intends to convene the Company's 2023 Annual General Meeting for 29 September 2023 (the "AGM"). A notice convening the AGM, to be held in Orlando, Florida, will be published and announced as such in due course.

The Company also provides the following update in relation to its Annual Report and Financial Statements for its financial year ended 31 March 2023 (the "2023 Annual Report").

As stipulated by Rule 19 of the AIM Rules for Companies (the "AIM Rules"), the Company is required to publish its 2023 Annual Report by 30 September 2023. However, the Company confirms that, as a result of internal personnel changes within the Group, the Company's new auditors will require additional time beyond the originally planned timetable to complete their audit and, as a result, the Company no longer expects to be able to publish the 2023 Annual Report by 30 September 2023.

The Company is now targeting the publication of the 2023 Annual Report during October 2023 once outstanding information has been provided and the auditor has completed its processes.

Trading in the Company's ordinary shares on AIM will therefore be suspended with effect from 7.30 a.m. on 2 October 2023 pending publication of the 2023 Annual Report. Suspension from trading will be lifted with the publication of the 2023 Annual Report in due course.

Notwithstanding the anticipated temporary 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.

Since the Company's trading update announced on 24 May 2023, trading conditions have continued to be difficult. As a result, the Board now anticipates that the Group will continue to be loss making at an operating level during the six months period ending 30 September 2023. As a result, it is now expected that impairment adjustments will be required to the value of goodwill and related intangible assets as at 31 March 2023.

The Group is considering various financial alternatives to its existing debt facilities which currently expire on 30 November 2023. 

The Company also announces that after many years of valued contribution as a director of the Company, Derek Zissman, a non-executive director of the Company, has informed the Board of his intention to step down as a director of the Company on appointment by the Company of a non-executive successor. The Company is in the advanced stages of appointing a new independent non-executive director and Mr. Zissman will remain a director of the Company until his successor has been appointed.

Further announcements will be made, as appropriate, in due course.

Enquiries:

The 600 Group PLC Paul Dupee, Executive Chairman	Tel: [phone]
Cenkos Securities plc (Nominated Adviser and Broker) Ben Jeynes / Dan Hodkinson (Corporate Finance) Henry Nicol (Sales)	Tel: [phone]

 

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