29th Sep 2005 12:00
Smart Approach Group PLC29 September 2005 SMART APPROACH GROUP PLC ("Smart Approach" or "the Company") SUSPENSION OF SHARES AND UPDATE ON CURRENT TRADING The Directors of Smart Approach announce the suspension of trading in its shareson AIM. Since the Company announced on 2 July 2005 that it had raised additional equityfunds of £680,000, net of expenses, the rate of sales closure has remaineddisappointing. This is despite the fact that over the past six months the numberand scale of bid opportunities for the Company's products has grownsignificantly. As at 30 September 2005 it is estimated that the Group will havea net cash position of approximately £230,000, which the Directors believe isadequate for the Company to continue to trade on a solvent basis for thepresent. However, the Company's auditors are not able to issue an audit reporton the basis that the Company is a going concern given the Director's lack ofconfidence in the Company's ability to meet its sales forecasts and in theabsence of confirmation that Smart Approach is able to raise further additionalfunds in the short term. The Company is therefore unable to issue auditedaccounts pursuant to its obligations under the AIM Rules and is required to seekthe suspension of its shares. As a result of these circumstances the Board has concluded it is in the bestinterests of shareholders to seek to identify a strategic investor in the Groupwho can provide the financial certainty that is required to take the businessforward. Shareholders will be kept informed of further developments in due course. Enquiries:Mike OrmesherTel: (01472) 250 300 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Science Group