2nd Jul 2018 13:51
LONDON (Alliance News) - Uvenco UK PLC said Monday it has promoted its chief information officer to chief executive officer as both its CEO and chief financial officer step down.
Michael Grinman succeeds Sergei Kornienko as CEO with immediate effect. Peter Goodman also stepped down as CFO although no successor has been named. The company has, however, appointed George Bellow as new non-executive director.
The company also said it is evaluating a reverse acquisition of a technology business. The unnamed business is currently controlled by Boris Belotserkovsky, Uvenco's current chairman and sole owner. Belotserkovsky is funding Uvenco while it seeks an acquisition.
Uvenco is currently a shell company, having sold its three trading subsidiaries in May for GBP1.8 million. Its liabilities currently total GBP1.6 million and its cash at bank is GBP12,000. The sale means that Uvenco must acquire a company or companies within six months of its May 30 sale date.
Uvenco intends to change its accounting reference date to June 30 as a result of the "distraction" caused by its subsidiary sales. This means that its next financial period ending June 30 will be 18 months.
It audited interim results for the 12 months ending December will be published June 30 and its 18 month audited results will be published September 30.
Uvenco's unaudited interim results for the six months ending December 31 2018 will be published by March 31.
The shell company's shares are currently suspended as it has not published its annual results.
"Trading on AIM in the company's shares will remain suspended pending clarification of its financial position and until such time as the company has published audited financial results," Uvenco said in a statement.