Distil warns of trading suspension as financing delays audited accounts

Distil ($DIS-LSE) said it cannot complete its annual audit until additional funding is secured and will miss the reporting deadline. Trading in its ordinary shares is therefore due to be suspended from 7:30 a.m. London time on October 1, pending publication of the accounts. The company expects a fundraising during October, including a material strategic investment, but neither completion nor pricing is guaranteed.

A business review has identified more than £250,000 of annual fixed-overhead savings, largely implemented already. Two UK grocery customers and an Australian retailer have delisted RedLeg following a distributor change. Those accounts previously generated material revenue but were collectively loss-making after promotional costs, according to the company. Distil is rebuilding its strategy and financial forecasts; the proposed investment must not be presented as cash already raised.

Sources:

• Distil RNS, via London South East