Trading Update (6352N)

TIDMFUZ8

RNS Number : 6352N

Fuse 8 PLC

05 September 2011

 
 Date:           5 September 2011 
 On behalf of:   Fuse 8 plc ('Fuse 8' or 'the Company') 
 For immediate release

Fuse 8 plc

Trading Update

The Board of Directors of Fuse 8 plc (AIM: FUZ8), the full service digital marketing agency, wishes to update shareholders on current trading and recent developments in the business.

The Board recently requested its Chief Executive Officer to provide an updated review of the Company's performance and an estimate of performance for the remainder of the current financial year. The Chief Executive Officer has not provided this information. On 26 August 2011, he offered his resignation which was not accepted. However, following this and the discovery of other issues, last week, the Board commenced its own internal investigation and review.

The Chief Executive Officer has been relieved of his duties for the present time. He is not active in the business at the moment, nor is he participating in the investigation or review.

The early results of this investigation have shown that the Company's financial performance for the six months to 30 June 2011 will be below expectations. In addition,the Board cannot be confident that the Company will achieve the market forecasts for the full year.

This will be very disappointing news for shareholders and for the dedicated and hardworking employees of the Company as new business activity is strong and the Company has a solid team of skilled staff who are delivering great work to their clients.

In light of the above it appears that whilst the original strategy set out on the Company's admission to AIM remains sound, these operational issues mean it is now unlikely that the Company's plans will be fulfilled in the short to medium term. Therefore the non-executive directors are now considering what course of action is in the best interests of shareholders. A full range of options are being considered, including:

-- Delisting the business from AIM and reorganising the Company in a significantly lower cost environment.

-- The sale of the operating businesses of the group. Should, this option be favoured then the Company would, in all likelihood, become a "cash shell" and be reclassified as an Investing Company.

The Board however is not currently considering any offer for the Company.

The Board plans to complete its review in as short a period as possible and will update shareholders in due course.

For Further Information please contact:

 
 Fuse 8 plc 
 Graeme Burns                     Tel +44 (0)777 585 4516 
 
 FinnCap 
 Geoff Nash/ Charlotte Stranner   Tel +44 (0) 20 7600 1658 
 
 Redleaf Communications 
 Rebecca Sanders-Hewett/ Jenny    Tel +44 (0) 20 7566 6720 
  Bahr

This information is provided by RNS

The company news service from the London Stock Exchange

END

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