In a new update published this morning by Safestyle UK, they have confirmed that shares in the business have been suspended. They published two updates this morning.
Suspension of trading
This is the confirmation that the company had requested shares to be suspended this morning:
Safestyle UK plc (AIM: SFE.) provides the following update to its announcement of 26 October 2023 in relation to the process it has been undertaking to try and secure a Proposed Sale, as that term is defined in that announcement.
As negotiations progress with interested parties, it has become increasingly unlikely, in the reasonable belief of the Directors of Safestyle, that any Proposed Sale, even if it was completed, will result in any return to shareholders.
Due to the ongoing financial uncertainty regarding the Group, its limited working capital and the circumstances noted above, the Company has requested that its shares are suspended from trading on AIM with effect from 7.30am on 27 October 2023.
This was then followed by the confirmation that shares had been suspended:
TEMPORARY SUSPENSION OF TRADING ON AIM
SAFESTYLE UK PLC
At the request of the company, trading on AIM for the under-mentioned securities has been temporarily suspended from 27/10/2023 7:30am, pending clarification of the company’s financial position.
Further announcements will be made as and when appropriate.
You can read both statements in their original form here: https://www.safestyleukplc.co.uk/
The news this morning follows from yesterday’s announcement that the company was unable to find any new investors to inject cash into the business, which resulted in shares dropping a further 80% to just 0.32p per share.
There will now be questions as to how long the company can now survive, as well as whether existing works will be able to be completed, deposits protected and suppliers paid.
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