The company had been talking to a potential funding partner as an alternative source of finance to Innovation Corporation, which historically has been its primary funding provider, but these talks have now been terminated.
READ: BOS Global reconfirms alternative funding partner option as time is running out for Innovation
A further offer was received late in the afternoon on 19 December 2017 from a group of shareholders and the board is awaiting further details.
With the cessation of discussions with the alternative funding partner, the proposal from the group of shareholders looks like the best chance of the company avoiding administration.
The company’s annual general meeting is tomorrow (22 December), and it was announced today that two of the directors up for re-election, Adam Webb and David Ireland, will be resigning ahead of the meeting, leaving Mark Uren as the sole director. The company is seeking replacement directors.
With the uncertainty regarding its financial position and board composition, the company considers that there is a significant risk that it would not be able to complete the audit process in time to meet the requirement of AIM Rule 19 for publication of the accounts by 29 December 2017.
The company has therefore requested trading in its shares be suspended pending clarification of the company’s financial position, its board composition and the publication of its annual accounts.