EBJ AIM statement
EUROPEAN BUSINESS JETS PLC
STATEMENT REGARDING THE SUSPENSION OF ORDINARY SHARES European Business Jets PLC ("EBJ") is required under the AIM Rules to publish its Financial Statements for the year ended 31 March 2008 by 30 September 2008.
On the basis of discussions with the auditors, Baker Tilley, the Directors were confident that this deadline would be met.
Aircraft sold in fractional shares to clients are owned by Limited Liability Partnerships ("LLPs") with the fractional owners as partners, and managed by EBJ. In accordance with procedures established previously these LLPs had not been consolidated in the Financial Statements. On 30 September Baker Tilley informed the Directors that they had formed the opinion that these LLPs should be included in the Consolidated Financial Statements, on the basis that the LLPs are managed by EBJ.
Under these circumstances the Directors have agreed to prepare audited accounts for these LLPs and to include them in EBJ's Consolidated Financial Statements.
These changes are estimated to take approximately three weeks to complete.
Under these circumstances the Company's shares are being suspended from trading under AIM Rule 19 until such time as the revised Financial Statements can be sent to shareholders.