CXM Conexion

TIDMCXM

RNS Number : 9248A

Conexion Media Group PLC

30 December 2014

Conexion Media Group Plc

("Conexion" or the "Company")

Cancellation, update and publication of Annual Accounts and Interims

Conexion provides an update following suspension of its shares from trading on AIM on 24 June 2014 for non-publication of the audited results for the year to 31 December 2013.

Conexion announces that the audited accounts for the year to 31 December 2013 (the "Annual Accounts") and its interim results for the 6 months ending 30 June 2014 (the "Interims") were posted on the Company's website (http://www.conexion-media.com/corporate/) on 24 December 2014.

The Annual Accounts and the Interims show, respectively, losses for the period of GBP1,046,562 and GBP223,869 and the Interims show Net Current Liabilities of GBP6,169,086 and Net Liabilities of GBP2,550,182. The audit report on the Annual Accounts contains a qualification that the auditors consider that the Directors have not taken adequate steps to satisfy themselves that it is appropriate for them to adopt the Going Concern basis in the preparation of the accounts. Accordingly, the Company's financial future and ability to continue to trade in its current form is unclear. As such the Company has not been able to resolve or clarify sufficiently its financial position.

Under AIM Rule 41, the Company's admission to AIM will be cancelled at 7 a.m. on 31 December 2014, having been suspended for six months.

Brian Scholfield, non-executive Chairman, commented: "The Company had been in discussion with a third party prior to Christmas with a view to disposing of the Company's trading activities, obtaining some further financing and undertaking a reverse acquisition. The third party in question was prepared to outline their plans to Conexion with a view to producing a circular. Unfortunately the Company and said third party were unable to reach a binding commitment within the timeframes available to enable the Company to have presented the matter to shareholders for their consideration."

The Company intends to keep shareholders updated on developments via its website (www.conexion-media.com).

Conexion Media

   Justin Sherry, CEO, justin@conexion-media.com                                    020 8987 4150 

finnCap

Corporate Finance

Matthew Robinson 020 7220 0500

This information is provided by RNS

The company news service from the London Stock Exchange

END

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