Patisserie Holdings PLC Company update (3018N)
16 Januar 2019 - 4:53PM
UK Regulatory
TIDMCAKE
RNS Number : 3018N
Patisserie Holdings PLC
16 January 2019
For immediate release
16 January 2019
Patisserie Holdings plc
Company update
Patisserie Holdings plc (AIM: CAKE) ("PH" or the "Company")
announces today that, following the announcement on 10th October
2018 which concerned the evidence of fraud, and an emergency fund
raising, the Company has appointed a new CEO, a new interim CFO, a
new non-executive director, a new commercial director and a new
production director, as well as other management appointments.
The work carried out by the Company's forensic accountants since
then has revealed that the misstatement of its accounts was
extensive, involving very significant manipulation of the balance
sheet and profit and loss accounts. Among other manipulations, this
involved thousands of false entries into the Company's ledgers. It
will take some time before a reliable trading outlook can be
completed while the above work streams progress
The initial indications from the work carried out to date is
that the cash flow and profitability of the business has been
overstated in the past and is materially below that announced in
the trading update on 12 October 2018, which was based on limited
work carried out over a 48-hour period.
The Company has hired KPMG to assist it in carrying out a review
of all options available to it in order to recover from the
devastating effects of the fraud, and to preserve value for its
stakeholders going forward.
The Company confirms that RSM were appointed auditors today, but
due to the fraud and attendant accounting issues it will be some
time to complete a restatement of the Company's accounts and
prepare the audited figures to 30th September 2018.
The Company has also been in discussion with its bankers to
extend the standstill of its bank facilities beyond January 18th,
and will issue an update when those discussions have concluded.
Enquiries:
Patisserie Holdings plc +44 (0)121 777 7000
Luke Johnson, Executive Chairman
Steve Francis, CEO
Nomad and Broker
Canaccord Genuity Limited +44 (0)20 7523 8000
Chris Connors
Henry Fitzgerald-O'Connor
Financial Public Relations
Maitland +44 (0) 20 7379 5151
Sam Cartwright
Jonathan Cook
END
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END
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