Bagir Group Ltd Financial Update (4701J)

TIDMBAGR

RNS Number : 4701J

Bagir Group Ltd

14 April 2020

Bagir Group Ltd.

("Bagir", the "Group" or the "Company")

Financial Update

Bagir (AIM: BAGR), a designer, creator and provider of innovative tailoring, provides a further update in relation to its financial position following its announcement on 3 April 2020.

The Board has undertaken a review of the Company's options, as a result of the effect of the COVID 19 pandemic on Bagir's two largest markets, being the UK and the US, and the resultant material adverse effect on the Company's trading and financial position.

Having assessed its options, on 13 April 2020 the Company filed an application to the District Court in Beer-Sheva, Israel (the "Court") for an order in accordance with Section 18 of The Insolvency and Economic Rehabilitation Law 2018, for a temporary stay of proceedings against the Company, appointment of a trustee and other relief (the "Application"). Appointment of the trustee was requested to assess, during a period of 30 days, the feasibility of maintaining the Group's business and assets and/or the optimal manner of their realization.

Following the Application, the Court ordered, ex-parte until the decision in the Application, as interim relief, among others a prohibition on:

   --    all disposals of the Company's assets; 
   --    any transaction not in the ordinary course of business; 
   --    the commencement or continuing with legal proceedings against the Company; 
   --    the discharge of the Company's past debts; and 
   --    the realization of assets or on applying for realization of pledges.

The Court is expected to rule on the Application by Monday 20 April 2020 following the Official Receiver's response to the Application. In addition, the Court ordered that any creditor or interested party may file a response to the Application by Sunday, April 19, 2020 at 12:00, and that, if required, a court hearing would take place on Tuesday, April 21, 2020 at 14:00.

As a result of the Application and the Court's decision, and the continuing uncertainty of the Group's financial position, the Company's shares will remain suspended from trading on the London Stock Exchange.

Further updates to shareholders will be made accordingly.

For further information, please contact:

 
Bagir Group Ltd.                        via Novella on: 
 Tessa Laws, Non-Executive Chair         +44 (0) 20 3151 7008 
 Micha Ronen, Chief Executive Officer 
 Dotan Levy, Chief Financial Officer 
N+1 Singer 
 Mark Taylor 
 James Moat                             +44 (0) 20 7496 3000 
Novella 
 Tim Robertson 
 Fergus Young                           +44 (0) 20 3151 7008

For more information about Bagir, please visit the Company's website: http://www. https://www.bagirgroup.com/

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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April 14, 2020 02:00 ET (06:00 GMT)

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