Trading in the company’s shares will, therefore, remain suspended until such time as it finds a new nomad; if it fails to do so by March 8 its listing on AIM will be cancelled.
The shares have been suspended since December 21 as the company has not been able to secure a sign-off from the auditors on its annual accounts because of concerns over its working capital and whether the business is, in stock market parlance, able to operate as a “going concern” over the next 12 months or so.
The directors of BOS consider that there is market potential to generate income from sales of the existing BOS Time product and, with an injection of working capital, make a positive contribution to the company.
The company intends to continue its strategy of business productivity software whilst assessing its 40% equity investment in Call Design.
The board continues to seek ways to realise value from the current assets owned by the group (including Call Design) in order to meet its obligations to its creditors and those owed entitlements, it said in a stock market statement on Wednesday.
It also cautioned that the company may end up being placed into administration if it cannot secure sufficient funding to meet requirements.