Business
Trading Statement and Results
Trading Statement and Results.
About this update from T42 Iot Tracking Solutions Plc
[{"type":"text","content":"\n RNS Number : 2990Y Traction Technology PLC 03 July 2008 \n \nTraction Technology Plc ('Traction' or the 'Company)\n\nResult of EGM\n\nResult of AGM\n\nand\n\nCreditors Voluntary Liquidation of Subsidiary\n\nResult of EGM\n\nAt the Company's extraordinary general meeting held today, the resolution proposed that the application by the Company to the London Stock Exchange to cancel the admission of the Company's ordinary shares of 3p each ('shares') to trading on the AIM Market was approved by shareholders. Consequently, the Company's shares will cease to be admitted to trading on the AIM market on 10 July 2008.\n\nResult of Annual General Meeting\n\nAt the Company's annual general meeting held today, all resolutions were approved by shareholders.\n\nCreditors Voluntary Liquidation of Subsidiary\n\nThe Company stated in the trading statement on 23 May 2008 that at that time it had cash resources which, based on the then current cash burn rate and management forecasts, provided sufficient working capital for approximately two months of operations. Since the time of that announcement the Group has continued to burn cash in its operations. Accordingly the working capital position has deteriorated and the Company continues to have to monitor its creditor position closely. \n\nThere remains very limited cash resources available to Traction Technology Plc at this point and consequently the Board of the Company has decided to cease to provide funding to its operating subsidiary, Traction Technology (UK) Limited with immediate effect. In light of the absence of further funding, the Board of Traction Technology (UK) Limited has today passed a resolution to commence the processes necessary to place Traction Technology (UK) Limited into creditors' voluntary liquidation.\n\nContacts:\n\n\n\n\n\nTraction Technology plc\n\n\nAmbrian Partners Ltd\n\n\nParkgreen Communications Ltd\n\n\n\n\nNick Brayshaw, Chairman\n\n\nRichard Brown\n\n\nPaul McManus\n\n\n\n\n01403 791392 \n\n\nRichard Greenfield\n\n\n020 7479 7933\n\n\n\n\nwww.ttplc.co.uk\n\n\n020 7634 4700\n\n\n07980 541 893\n\n\n\n\n\n\n\n\n\n\[email protected]\n\n\n\n\n\nThis information is provided by RNSThe company news ...