LZYE Group PLC Statement re share price movement & trading update (9437W)
06 1월 2014 - 4:50PM
UK Regulatory
TIDMLZYE
RNS Number : 9437W
LZYE Group PLC
06 January 2014
LZYE Group Plc
("LZYE" or the "Company")
Disposal of interest in Homantin Centre, temporary cessation of
operations in Hong Kong and movement in Share Price
The Board has noted the significant share price movement on 3
January 2014 and provides the following update on recent
developments.
Strategic Partnership
On 18 December 2013, the Board announced it was in discussions
with a Chinese company regarding a strategic partnership under
which that company will become LZYE's strategic partner in China as
well as providing ongoing access to finance to fund the Company's
growth in this important market. The Board also announced that as
part of these discussions the Chinese company was considering
subscribing for new equity shares in LZYE in order to provide
additional working capital at a likely price of 1p per share as
well as purchasing shares from ISF Asset Manager Limited ("ISF"), a
substantial shareholder in LZYE.
The Board announces that these discussions, whilst continuing,
are likely to take longer than originally anticipated and are now
expected to conclude during calendar Q1 of 2014.
Trading Update
On 20 December 2013, the board announced its interim results and
reported that "The directors of the LZYE are satisfied with the
progress of the operational restructuring and a second stage of
restructuring, which mainly focus on the quality of programmes and
resources allocation, will commence in near future."
Follow an approach received for the purchase of the Company's
interest in the Homantin Centre in late December 2013, and upon
realisation that the discussions regarding the Strategic
Partnership were taking longer to conclude that original
anticipated, the Board decided to temporarily cease provision of
all educational services such as lessons, seminars and events in
Hong Kong with immediate effect in order to reduce losses. The sale
of the Homantin Centre concluded on 3 January 2013 and the
consideration received was nominal.
The approximate monthly overhead of LZYE moving forward will be
reduced to HK$200,000 and there will be nominal revenues from
operations in China. The Company has minimal cash resources and
will rely on the support of its principal shareholder, ISF, pending
the outcome of the Strategic Partnership discussions.
Summary
The Board will keep shareholders informed of developments as
matters develop. The Board has decided that if discussions with the
strategic partner are not concluded by the 31 March 2014 they will
write to shareholders with proposals to restructure the
company.
For further information:
LZYE Group Plc
Tel: +44(0)20 7653 9850
Dominic Yeung, Chairman
Michelle Lai, Chief Executive
Zeus Capital (NOMAD and Broker)
Tel: +44 (0)161 831 1512
Ross Andrews, Andrew Jones
This information is provided by RNS
The company news service from the London Stock Exchange
END
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