Business
Statement re. Suspension
Statement re. Suspension.
About this update from Sareum Holdings Plc
[{"type":"text","content":"\n RNS Number : 7132Y Sareum Holdings PLC 09 July 2008 \n \n9 July 2008\n\nSareum Holdings plc (\"Sareum\" or \"the Company\")\n\nSuspension of trading of Sareum shares on AIM\n\nOn 19 June 2008, the Company announced that the board of Sareum (\"the Board\") believed that the Company needed to undertake a strategic transaction and that should the Board decide within a short timescale that a strategic transaction is not achievable, the Board would take a decision as to the future of the Company in its present form, as the Company would not be able to continue operations without a significant fundraising.\n\nSince 19 June, the Board has continued to progress discussions with a number of parties, including in respect of a possible reverse transaction, but at this time does not consider that it will be able to conclude a strategic transaction for several months. Further, in the current difficult financial markets, the Board does not consider that it will be possible to achieve a significant fundraising to enable the Company to continue operations in its present form although the Board may still need to secure interim funding to enable it to complete a strategic transaction.\n\nIn view of the uncertainty that the Company will be able to raise funds or complete a strategic transaction, the Board has requested a suspension of trading in its shares on AIM.\n\nContacts:\n \n\n\n\n\nSareum Holdings plc\n\n\n01223 497700\n\n\n\n\nTim Mitchell, Chief Executive Officer\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\nBuchanan Communications\n\n\n020 7466 5000\n\n\n\n\nTim Anderson, Mary-Jane Johnson \n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\nGrant Thornton UK LLP\n\n\n020 7383 5100\n\n\n\n\nPhilip Secrett, Colin Aaronson\n\n\n \n\n\n\n\n\nThis information is provided by RNSThe company news service from the London Stock Exchange END SRSSSEFLUSASEEW\n ","length":5048,"tagName":"div"}]