This announcement contains inside information within the meaning of the Market Abuse Regulation.
Joules Group Plc
("Joules", the "Group", the "Company")
Update on Financing Process, Intention to Appoint Administrators and Suspension of Trading in Shares
On 7 November 2022, the Company announced it was in advanced discussions with a number of strategic investors to provide a cornerstone investment in an equity raise process. The Company also announced it was in discussions regarding a bridge financing proposal in order to enable continued progress to be made with the re-financing plans referred to above. The Board confirms these discussions with various parties have not been successful and have now terminated.
Regrettably therefore, the board of Joules has resolved to file a notice of intention to appoint Will Wright, Ryan Grant and Chris Pole of Interpath Advisory Limited as administrators to the Company and Joules Limited, and Will Wright and Ryan Grant to The Garden Trading Company Limited and Joules Developments Limited as soon as reasonably practicable.
The board is taking this action to protect the interests of its creditors.
In light of the above, the Board announces that it has requested a suspension of trading in the Company's ordinary shares on AIM with effect from 07.30 a.m. today.
Further announcements will be made in due course.
| Enquiries:
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| Joules Group plc | Tel: +44 (0) 1858 435 255 |
| Jonathon Brown, CEO Caroline York, CFO
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| Hudson Sandler (Financial PR) | Tel: +44 (0) 20 7796 4133 |
| Alex Brennan Lucy Wollam
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| Peel Hunt LLP (NOMAD and Joint Broker) | Tel: +44 (0) 20 7418 8900 |
| George Sellar Andrew Clark
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| Liberum Capital Limited (Joint Broker) | Tel: +44 (0) 20 3100 2000 |
| John Fishley Edward Thomas | |
This announcement contains inside information within the meaning of the Market Abuse Regulation. The person responsible for arranging release of this announcement on behalf of Joules is Caroline York, Chief Financial Officer.
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