23rd Dec 2019 13:53
(Alliance News) - Mobile Streams PLC on Monday said its annual results will not be published by the end of 2019 as required by AIM rules.
Shares in the mobile content distributor were down 17% at 0.14 pence in London on Monday.
Mobile Streams said that it is undertaking a "thorough review" of all aspects of the company following November's board changes - which saw Nigel Burton appointed as non-executive chair, Charles Goodfellow as a non-executive director, and Mark Epstein as chief operating officer - and is working to prepare the audited results for the financial year ended June 30.
"Unfortunately, due to lack of preparation by previous management prior to the general meeting on 26 November, this process is taking longer than anticipated," the company said.
Thus, the results will not be published by the end of 2019, as required under AIM rules.
If the results are not published by then, Mobile Streams shares will be suspended from trading until the release of its results. This is expected in the "second half of January".
"The board is disappointed not to be able to publish the results in a timely manner, and although the accounts are not yet complete, for the avoidance of doubt no issues have arisen during the review of the company or the preparation of the accounts which would raise any concerns about the financial status of the business as a going concern," said Burton.
By Lucy Heming; [email protected]
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