SyQic PLC Update (8916R)

TIDMSYQ

RNS Number : 8916R

SyQic PLC

15 December 2016

Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR)

SyQic plc ("SyQic", or the "Company")

Update

Further to the announcement by the Company on 14 November 2016 regarding the termination of possible offer discussions with Yuma Ventures Ltd ("Yuma"), the Directors of Syqic ("the Directors") are providing the following update for shareholders.

On 14 November 2016, the Company announced that despite the efforts of the Independent Directors and their advisers to secure an acceptable offer for SyQic shareholders it had not been possible to agree an acceptable price. Since then the Directors have been reviewing several options with the Company's advisers to: (i) raise additional working capital for the Company which will place the Company on a sounder financial footing; and (ii) have trading in the Company's shares on AIM restored as soon as possible.

The Directors have concluded that, following discussions with some of the Company's largest shareholders and management team, it will not be possible for the Company to raise additional working capital before the end of the year and are keeping their options under review. The Company's shares remain suspended from trading on AIM pending clarification of its financial position, further details of which were announced on 14 November 2016.

Further announcements will be made in due course.

Enquiries:

 
 SyQic plc                            Tel: 020 7933 8780 
  David Cotterell, Chairman 
 Allenby Capital Limited (Nominated   Tel: 020 3328 5656 
  Adviser & Broker) 
  Jeremy Porter/John Depasquale 
 Walbrook (Financial PR and IR        Tel: 020 7933 8792 
  Adviser) 
  Paul Cornelius

This information is provided by RNS

The company news service from the London Stock Exchange

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December 15, 2016 02:00 ET (07:00 GMT)

Syqic (LSE:SYQ)
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