28th Jan 2009 10:09
Sport Media Group plc
("SMG," the "Company" or the "Group")
Publication of Annual Report & Accounts and financing update
Pursuant to AIM Rule 20 the Company confirms that its annual report and accounts for the year ended 31 July 2008 have been published and will tomorrow be posted to shareholders. Copies can also be found on the Company's website: www.sportmediagroup.co.uk.
Further to the announcement of 7 January 2009, the board is the process of negotiating a number of financing options and remain confident that a refinancing solution will be reached in the short term. However, as a result of these ongoing financing discussions, the Company's auditors have been unable to form a view as to the applicability of the going concern basis for the preparation of the accounts. Due to the potential significance of the effect of preparing the financial statements on a basis other than as a going concern, the auditors are unable to form an opinion as to whether the financial statements:
a) give a true and fair view, in accordance with IFRSs as adopted by the European Union, of the state of the Group's and company's affairs as at 31 July 2008 and of the Group's loss for the year then ended; and
b) have been properly prepared in accordance with the Companies Act 1985.
For further information, please contact:
Sport Media Group plc
Andrew Fickling, Chief Executive Officer Tel: + 44 (0) 161 236 4466
Andrew Fletcher, Chief Financial Officer Tel: + 44 (0) 20 8507 6965 www.sportmediagroup.co.uk
Daniel Stewart & Company plc
Simon Leathers/Oliver Rigby Tel: + 44 (0) 20 7776 6550
www.danielstewart.co.uk
Related Shares:
SPMG.L