8th Jun 2020 16:00
(Alliance News) - Malvern International PLC on Monday said that conditions associated with a recent fundraising are yet to be met, putting the learning and skills development company's future in doubt.
The update from the company came in the wake of its annual general meeting on Monday, where all resolutions were passed.
"However the conditions to the placing under the placing agreement have not yet been fully satisfied and therefore the admission of the fundraising shares and creditor conversion shares, which was intended to take place tomorrow, is being deferred until such time as those conditions are satisfied or waived," Malvern said.
The deadline to complete the placing is June 19, the company noted.
Its shares are currently suspended from trading and the firm has requested the suspension continue, "pending clarification of the fundraising".
"In the event that the fundraising does not complete or alternative financing arrangements are not made the company will not be able to continue trading," Malvern cautioned.
In May, the company said it raised GBP1.0 million via an equity issue. It placed 395.3 million shares at 0.15 pence each.
By Eric Cunha; [email protected]
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