On 8 June, Malvern International plc (“Malvern” or the “Company”), the global learning and skills development partner, announced that completion of the Fundraising ,announced on 20 May 2020 and details of which were set out in a circular to shareholders dated 20 May 2020, was delayed as the conditions to the Placing under the Placing Agreement had not yet been fully satisfied. These conditions will not now be satisfied and the Fundraising will not be proceeding.
The Company is currently in discussions with certain potential investors, CG Corp (a major shareholder) and its debt provider, Boost &Co. with the objective of agreeing alternative funding proposals. These discussions are expected to be concluded in the next few days and a further announcement will be made once they are concluded. In the event that discussions are not successfully concluded the Company will not be able to continue trading.
Trading in the Company’s shares on AIM is currently suspended pursuant to Market Notice N12/20 released on 4 June. The Company has requested that this suspension continue pending clarification of the Company’s financing.
This announcement should be read in conjunction with the full text of the Circular posted to Shareholders on 20 May 2020, copies of which are available on the Company’s website at www.malverninternational.com. Capitalised terms in this announcement have the same meaning as given in the Circular.
This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations.