Bradford-based window and door company Safestyle UK plc said on Friday it has requested that its shares are suspended from trading on AIM with effect from October 27, 2023.
“Safestyle UK plc provides the following update to its announcement of 26 October 2023 in relation to the process it has been undertaking to try and secure a proposed sale …” said the company on Friday.
“As negotiations progress with interested parties, it has become increasingly unlikely, in the reasonable belief of the directors of Safestyle, that any proposed sale, even if it was completed, will result in any return to shareholders.
“Due to the ongoing financial uncertainty regarding the group, its limited working capital and the circumstances noted above, the company has requested that its shares are suspended from trading on AIM with effect from 7.30am on 27 October 2023.”
On Thursday, Safestyle had announced: “Safestyle UK plc … provides an update on the process it outlined in its announcement on 10 October 2023.
“In the announcement, the company confirmed that it was in a process which may include a capital injection or new financing, a potential sale of the shares in the subsidiaries and/or a sale of the business and assets of the subsidiaries.
“Based on discussions to date, the company does not expect to be in receipt of a capital injection or new financing into Safestyle.
“However, the directors are in active discussions with a shortlist of interested parties as part of the process.
“These discussions focus on a sale of some or all of the group’s business and assets. The company is working with these parties towards concluding these discussions as quickly as possible.
“There can be no guarantee that these negotiations will result in the completion of a proposed sale, and, even if a proposed sale does complete, there can also be no certainty on the timings or level of return, if any, to shareholders.”