Mobile Streams plc Result of General Meeting and Trading Update (1437O)
September 30 2019 - 5:59AM
UK Regulatory
TIDMMOS
RNS Number : 1437O
Mobile Streams plc
30 September 2019
Mobile Streams plc
("Mobile Streams" or the "Company")
Result of General Meeting and Trading Update
Result of General Meeting
Mobile Streams plc announces that, at the General Meeting of the
Company held earlier today, the proposed resolutions, which were
put to shareholders by way of a poll, were not passed by the
required majority of at least 75% of the votes cast in person or by
proxy.
The results of the poll vote were as follows:
Votes in favour Votes against
(%) (%)
Resolution Cancellation of the admission
1 to trading on AIM 55.72 44.28
Re-registration as a private
Resolution limited company and adoption
2 of new articles 56.11 43.89
The resolutions are set out in full in the circular dated 4
September 2019 (the "Circular"). Accordingly, the Company's
ordinary shares will continue to be admitted to trading on AIM.
Trading update
Mobile Streams announces a trading update for the two months
ended 31 August 2019.
-- Unaudited revenues were GBP88k. All revenue is from continuing operations;
-- EBITDA loss of GBP31k;
-- GBP61k of cash and cash equivalents, with no debt.
Argentine operations continue to be challenging and affected by
the deteriorating economic climate and weakening Argentine Peso.
Further challenges arose given the establishment of new capital
controls recently implemented.
Trading in India continues to be impacted by the consolidation
of mobile telecoms operators within the region. This has resulted
in a high level of disruption preventing Mobile Streams from
deepening its business with its partners.
As outlined in the Circular, and as a result of the continued
difficult trading conditions and limited cash generation of the
Company, the Directors continue to believe that cancellation of the
Company's ordinary shares to trading on AIM (the "Cancellation") is
in the best interests of the Company and its Shareholders as a
whole.
As announced in its most recent trading update, the Directors
consider that it is unlikely that the Company will successfully
complete a public markets transaction such as a secondary fundraise
or a reverse takeover to provide additional capital given the
Company's existing low cash resources.
The Board's current priority continues to preserve the Company's
limited cash resources by minimising all expenditure wherever
possible and explore financing initiatives to improve its working
capital position. However, the Directors acknowledge that due to
the Company's current financial situation and share price, should
any potential financing initiative be successful, it will likely be
highly dilutive to existing shareholders.
Taking into account the Company's limited cash resources and the
continued decline in the Company's revenues, the Directors believe
that if funding is not available to the Company, it will be
unlikely that Mobile Streams will be able to continue as a going
concern.
For further information, please contact:
Mobile Streams plc +1 347 669 9068
Simon Buckingham, Chief Executive
Officer
Enrique Benasso, Chief Financial
Officer
N+1 Singer (Nominated Adviser and
Broker) +44 (0) 20 7496 3000
Mark Taylor / George Tzimas
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014
("MAR").
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
ROMCKKDPCBKKOCN
(END) Dow Jones Newswires
September 30, 2019 05:59 ET (09:59 GMT)
Mobile Streams (LSE:MOS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Mobile Streams (LSE:MOS)
Historical Stock Chart
From Apr 2023 to Apr 2024