MBL Group PLC Update on Corporate Investigations (0358I)
16 Marzo 2018 - 4:04PM
UK Regulatory
TIDMMUBL
RNS Number : 0358I
MBL Group PLC
16 March 2018
16 March 2018
The information communicated in this announcement contains
inside information for the purposes of Article 7 of Regulation
596/2014.
MBL Group PLC
("MBL" or the "Company" or the "Group")
Update on corporate investigations
The Board of MBL Group plc (AIM: MUBL) wishes to update
shareholders on the results and progress of the corporate
investigations which have been undertaken at the request of
shareholders.
Investigation Number 1
On 24 October, 2017 the Board announced through RNS that:
"After consultation with certain of the Company's substantial
shareholders, the Board intends to work with those shareholders to
look into concerns that they have regarding the dilution of Company
assets in recent times, and in particular an allegation regarding a
breach of the Group's IT security. The Board has previously
investigated this matter and found no evidence of wrongdoing but is
prepared to work with the shareholders to further look into this
matter. A further update will be made when appropriate."
A subsequent announcement was made on 22 December 2017 as part
of the Interim Results:
"As a result of the request the Board requested the substantial
shareholder provide support for the allegations to the Board and
instructed a firm specialising in IT forensics. The work undertaken
has been extensive and covered a period spanning several years. No
evidence supporting the allegation of a breach of IT security has
been identified and the Board regard this investigation as
concluded with no further action being required."
The Board resolved to undertake the investigation following a
commitment made by a substantial shareholder to meet the cost of a
specific service provider to undertake the investigation. The
Board, following advice, appointed an independent service provider
with considerable IT forensic experience to undertake the review.
The cost of the investigation has been borne by the Company.
The Board are mindful of costs associated with these types of
requests and whilst resolved to consider requests are also mindful
to adopt a commercial approach in the best interest of maintaining
value for shareholders.
Investigation Number 2
On 22 December 2017 the Board announced that:
"Recent expenses have been a concern for some shareholders and
the Board has received a request from a shareholder to review the
dilution of company assets over the past twenty-four months. The
Board is currently working with the shareholder to ascertain the
scope of such a review and the best way of dealing with the request
without incurring further additional and unnecessary costs."
The Board received the scope of the request from a shareholder
on 22 January 2018. A review has been undertaken and considerable
primary information passed to the Company's solicitors for
consideration. Although the shareholder has now agreed not to
pursue any claims arising from the review, the Board will complete
the review, with the advice of the Company's Solicitors, at the
conclusion of which it will consider whether any further action is
required.
Further updates will be made as appropriate.
ENDS
For further information, please contact:
MBL Group plc Tel: 01772 440440
Anton Lane
James Reynolds
SPARK Advisory Partners Limited Tel: 0113 370 8970
(NOMAD)
Mark Brady
This information is provided by RNS
The company news service from the London Stock Exchange
END
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March 16, 2018 11:04 ET (15:04 GMT)
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