REG - 600 Group PLC - Trading Update and Update regarding Annual Report

600Announcement

07/02/2024 15:30

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RNS Number : 3851C  600 Group PLC  07 February 2024

7 February 2024

 

The 600 Group PLC

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

 

Trading Update

 

Update regarding Annual Report and Debt Facilities

 

600 Group plc, the diversified industrial engineering company (AIM: SIXH),
announced on 7 December 2023 that the US Group companies had received a notice
from Bank of America of default and demanding for payment in full of the
Group's now expired and fully drawn US$5.5 million (the "Facility") by 15
December 2023 (the "Default Notice"). As previously announced, the Company has
not been able to repay the Facility, which remains in default.

 

Since December, trading conditions for the Group have remained challenging,
with demand for capital goods remaining subdued and the Company has continued
to be loss making at an operating level. The Company has therefore been
seeking to manage its existing resources accordingly.

 

As at 31 December 2023 the Group had unaudited trade payables balances, in
addition to the Facility, of US$5.5 million and unaudited gross cash balances
of US$0.8 million.

 

The Group remains in discussions with other parties in respect of potential
funding options, including in respect of potential asset sales. However, there
can be no certainty as to whether any additional funding will be available to
the Group to secure its financial position or as to the terms upon which
funding may be available to the Group.

Until such time as additional funding is secured and available to the Group,
the audit process in respect of the Company's Annual Report for the year ended
31 March 2023 (the "2023 Annual Report") cannot be concluded. As a result, the
Board of Directors of the Company has now concluded that the 2023 Annual
Report will not be published prior to 31 March 2024.

As a result, trading in the Company's ordinary shares on AIM will continue to
be suspended pending, inter alia, publication of the 2023 Annual Report and
the Company's interim results for the six months ended 30 September 2023.
Pursuant to Rule 41 of the AIM Rules for Companies, the admission of the
Company's ordinary shares to trading on the AIM market of the London Stock
Exchange is currently due to be cancelled with effect from the date falling
six months from the date of suspension of trading in the Company's ordinary
shares on 2 October 2023 ("Cancellation").

 

Prior to Cancellation, and notwithstanding the prevailing 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 for Companies.

 

 

Enquiries:

 The 600 Group PLC                                             Tel: +1 407 818 1123

 Paul Dupee, Executive Chairman

 Cavendish Capital Markets Ltd (Nominated Adviser and Broker)  Tel: 020 7220 0500

 Ben Jeynes / Dan Hodkinson (Corporate Finance)

 Henry Nicol (Sales)

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the UK version of the EU
Market Abuse Regulation 596/2014 which is part of UK law by virtue of the
European Union (Withdrawal) Act 2018, as amended and supplemented from time to
time. Upon the publication of this announcement, this inside information is
now considered to be in the public domain

 

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