19 September 2016
("Galasys" or the "Group" or the "Company")
Cancellation of the admission of the Company's ordinary shares on AIM
Galasys PLC (AIM:GLS), a leading provider of solutions and services to the fast growing theme park industry in Asia, provides the following update to its statement regarding the share trading suspension announced on 18 August 2016 pursuant to Rule 1 of the AIM Rules.
Cancellation of the admission of the Company's ordinary shares on AIM will become effective immediately from 7am on 19 September 2016.
The Company had one month to appoint a replacement Nominated Adviser to avoid the cancellation of the admission of the companies on its AIM. The Board took the view that in view of the uncertainty caused by the long running board and shareholders dispute, little purpose would be served by seeking a replacement nomad and prolonging the Company's current presence on AIM. Rather, the Board believe that the interests of the Company are best served by allowing the management to focus on the trading and operational performance of the underlying business and to look at alternative capital markets opportunities in 2017. The Board will consider these options and opportunities in the light of liquidity, governance and profile considerations and will keep shareholders informed as the plans develop,
In the meantime, the Board will ensure that the Company complies fully with the reporting requirements set out in the Jersey Company Acts and will continue to provide shareholders with regular announcements through the Company's website, including, but not limited to, Interim unaudited financial information. The trading results for the six months ended 30 June 2016 are expected to be released to shareholders in October and will contain a detailed trading updates.
The Board will also assess the appropriateness of the current Board composition and plans to recruit two new non-executive directors who will provide a level of independence and commercial experience to assist in the further development and re focusing of the business.
The Board will keep funding options open in advance of the planned readmission to a public market and will inform shareholders of any plans as they arise. These may include interim arrangements for trading in Galasys shares on an off market trading facility. Updates and details will be made available through Company's website.
The events of the last year have been a very painful and largely unnecessary diversion for the Company and its shareholders. However, our executive management remains confident in and committed to building a successful and internationally facing business that will capitalise on the exciting commercial opportunities that exist in Asia and further afield.
Galasys PLC + 6032858 9959
Seah Kok Wah
Newgate 0203 653 9850
This information is provided by RNS