THE MARKETING GROUP PLC: Announces financial information due to inside information leakage and information of Nasdaq’s resolution of “changed identity” of the Company
The Marketing Group Plc
Announces financial information due to inside information leakage and information of Nasdaq’s resolution of “changed identity” of the Company
Published on March 17, 2019
LONDON: 17 March 2019 – The purpose of this press release is to inform the market about the following information regarding the shares in The Marketing Group Plc. (the “Company” or “TMG”):
- The shares in TMG were suspended from trade on Nasdaq First North on March 14, 2019 due to non-disclosure of inside information to the market.
- Resolution by Nasdaq Stockholm (“Nasdaq”) to request the Company to file a new application to trading due to “change of identity” of the Company’s operations.
Suspension of trade
The shares in TMG were suspended from trade on Nasdaq First North on March 14, 2019 due to non-disclosure of inside information to the market.
Nasdaq has informed the Company that the reason for suspending the TMG share, as well as all other financial instruments in the Company, from trade is due to leakage of inside information aboutthe Company’s Q1 report. The financial information was leaked due to the Company’s CEO posting a so-called ‘tweet’ on the online news and social networking service ‘Twitter’ stating “its turned around. Q1 results will be amazing. 5times up”.
The Company emphasizes that a human error caused the leakage of informationand that the Company regret the leakage of information. The Company is currently taking measures to prevent similar future incidences.
Toprovide the financial markets access to complete, correct and accurate informationthe Company herebydisclose the financial information leaked.
Financial information for the period 1 January 2019 – 28 February 2019
The Company forecasts a write-off related to Q4 2018. Revenues for Q1 2019 are forecasted to be between EUR 1.9 - 2.1 million, with an operating EBITDA between EUR 0.7 - 0.9 million for Q1, which is an increase compared to 2018. January and February 2019 show a revenue of approx. EUR 1.3 million in the TMG group, with an operating EBITDA of approx. EUR 0.5 million.
Please note that the above financial information has not been reviewed or audited by the Company’s auditor.
Nasdaq’s resolution regarding changed identity of the Company
On February 22, 2019, the Company announced information about the completion of the Blockchain Nordic acquisition (the “Acquisition”). The Company has also announced changes in the board of directors and management (please refer to press releases on September 20, 2018, 29 November, 2018 and March 12, 2019) and an announced reorganisation of the TMG group on November 30, 2018. The Acquisition, changes in the board and management and the reorganisation is hereafter referred to as the “Operational Changes”.
Due to the Operational Changes, Nasdaq has initiated an investigation of the Company regarding whether TMG’s operations is considered to have changed substantially, a so-called “change of identity” under Section 2.6 of Nasdaq First North Nordic Rulebook of January 1, 2019 (the “Rulebook”).
Nasdaq has through the investigation of the Company resolved that the Operational Changes have led to a change of identity of TMG’s operations according to Section 2.6 of the Rulebook and that the Company’s operations therefore no longer is compliant with the listing requirements according to the Rulebook.
Nasdaq has requested the Company to file a new application for admission to trading on Nasdaq First North on April 1, 2019 at the latest or otherwise Nasdaq may resolve to de-list the shares of TMG from Nasdaq First North. In addition, Nasdaq has informed that the suspension from trade of the Company’s shares will be continued until a new application has been approved by Nasdaq. TMG is currently working on a new application for admission to trading on Nasdaq First North. If Nasdaq were to reject the Company’s application, the Company’s shares will be de-listed.
This information is information that The Marketing Group plc is obliged to make public pursuant tothe EU Market Abuse Regulation. The informationwas submittedfor publication, through the agency of the contact person set out below at 22.00 CET on March 17, 2019.
About RYVL
RYVLis the operating name of The Marketing Group Plc. (https://ryvl.com/)
RYVLis a global network of complementary marketing businesses. It is building a lean and technology centricapproach to providing a globalmarketing solution, fit for the needs of modern brands.
The Marketing Group Plc (Ticker: TMG.ST) is listedon Nasdaq First North, Stockholm www.RYVL.com.
Mangold Fondkommission AB, +46 8-5030 15 50, is the Company’s Certified Adviser and liquidity provider. They may also be contactedon email at info@mangold.se
Investor Relations
Tim Metcalfe
Miles Nolan
Phone: +44 (0) 203 934 6630
Email: investorrelations@ryvl.com
Forward-looking and market information
This press release contains certain forward-looking statements reflecting the Company’s current view of future events and financial and operational performance. Such forward-looking statements are associated with both known and unknown risks and circumstances beyond the Company’s control. All statements in this press release other than statements of historical or current facts or circumstances are forward-looking statements. Forward-looking can be identified by the use of terms or expressions such as “may”, “could”, “should”, “anticipated”, “estimated”, “likely”, “forecasted”, “plans to”, “aims to”, or conjugations of such terms or similar terms. The forward-looking statements only apply as of the date of this press release. The Company have no intent or obligation to publish updated forward-looking statements or any other information contained in this press release based on new information, future events etc. other than required by applicable law, regulation or regulatory framework.