China Food Company PLC AIM Suspension and Change of Year End (5571K)
June 25 2014 - 11:48AM
UK Regulatory
TIDMCFC
RNS Number : 5571K
China Food Company PLC
25 June 2014
Press Release 25 June 2014
China Food Company Plc
("China Food", the "Group" or the "Company")
Suspension to trading on AIM
Change of Year End
Board Changes
China Food today announces that the Board has decided to extend
the Group's reporting period to 30 June 2014.
Accordingly, pursuant to AIM Rule 19, trading in the Company's
shares has been suspended today, as it is not and will not be in a
position to publish audited accounts for the year ended 31 December
2013 prior to the deadline of 30 June 2014. Prior to restoration
the Company is required to publish audited results and failure to
comply with this requirement within six months of the date of
suspension is likely to lead to cancellation of the Company from
AIM, pursuant to AIM Rule 41.
Following the announcement issued by the Company on 23 May 2014,
in which it provided an update on the sale of the Animal Feed
Business and other expressions of interest for the Condiments
Division of the Group, the Board of China Food has taken this
decision to change the year end accounting date of the Company due
to the sensitivities arising from the sale of the Group's two
divisions which are inter-dependent. The Board believes this
decision to be in the best interest of the Company's shareholders
even though such a move will lead to a suspension of the Company's
shares from trading on AIM. With positive discussions still ongoing
for both of the Group's divisions, the Board feels that such an
extension will help these sale negotiations and allow post-balance
sheet events to be reflected when the results of the Group are
reported to the market.
The Company also announces today that one of the parties which
have expressed an interest in the Condiments Division is associated
with two of the Company's directors, Daniel Saw and Fung Shek Lee,
and both have resigned from the Board of the Company in advance of
further discussions.
The Company reiterates that it is pursuing these expressions of
interests, which may or may not lead to the sale of the Condiments
Division. In addition, in respect of the sale of the Animal Feed
business, discussions are ongoing.
- Ends -
For further information:
China Food Company Plc
John McLean, Chairman Tel: +44 (0) 7768 031 454
www.chinafoodcompany.com
finnCap
Geoff Nash / Ben Thompson (Corporate Tel: +44 (0) 20 7220
Finance) 0500
Numis Securities
David Poutney (Joint Broker) Tel: +44 (0) 20 7260
1000
Media enquiries:
Abchurch Communications
Henry Harrison-Topham / Canace Wong Tel: +44 (0) 20 7398
7714
canace.wong@abchurch-group.com www.abchurch-group.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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