Manganese Bronze, the leading manufacturer of the distinctive London black taxi, announces it has been informed that the Board of Geely Automobile Holdings Limited (“Geely”) has decided not to proceed with the Proposed Placing.
Geely has confirmed its commitment to the joint venture with Manganese Bronze, Shanghai LTI Automobile Components Company Ltd (“SLTI”), and it has confirmed that future operational plans remain unaffected. SLTI will continue to supply Manganese Bronze with components for its UK manufacturing operation as well as producing lower cost London taxis for international sale.
Notwithstanding Geely's withdrawal from the Proposed Placing, and as announced at the time of Admission to AIM, the Board of Manganese Bronze reiterates that: “The board of directors of the Company have no reason to believe that the working capital available to it or its group will be insufficient for at least twelve months from the date of its admission to trading on AIM”
