Tex Holdings PLC Statement re. Suspension (4635X)
April 29 2019 - 12:22PM
UK Regulatory
TIDMTXH
RNS Number : 4635X
Tex Holdings PLC
29 April 2019
Tex Holdings plc
The Board of Tex Holdings plc has today asked the FCA to suspend
the listing of the Ordinary Shares of Tex Holdings plc. The reason
for this has been its inability to supply audited accounts for the
year to 31(st) December 2018 within the permitted four month
period. Outstanding issues still need to be dealt with in support
of future forecasts and cashflows.
We also refer to a statement in our Trading Update dated 15(th)
April 2019 which read as follows:
"The major shareholder has indicated its current intention is to
continue to support the Group, noting in particular that a change
in accounting treatment has been a partial cause of the bank
covenants being breached."
After discussion with the Company's auditors, it is now evident
that the auditor's opinion that accountancy standard IFRS15 has not
been the cause of the breach of bank covenants is correct. Rather,
the cause of the breach had been weak trading in the second half of
the year. The major shareholder has however reconfirmed his
intention to support the company.
The Company has made arrangements for additional resources to be
made available to its finance department to assist the completion
of the audit.
Enquiries
C.A. Parker
01473-830144
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END
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