Chill Brands shares suspended as inside-information probe continues

3rd Jun 2024 09:14

(Sharecast News) - UK vape maker Chill Brands announced on Monday that its shares have been suspended from trade as it continues to investigate claims around the use of inside information by its suspended CEO.

Chill, which makes nicotine-free vapour products under the CHILLZER0 brand, appointed law firm Fieldfisher in April to conduct an investigation after allegations were raised around the use of inside information by boss Callum Sommerton.

Sommerton was removed as CEO in connection with these allegations, and the board said it was looking at appointing an interim leader.

In addition, Chill said on Monday it was also looking into "a number of commercial arrangements that the company has entered into connected to its UK vape business".

"The company's board of directors are unable to currently provide the market with an accurate update of its financial and trading position," Chill said in a statement.

"At this time both investigations remain ongoing, and it is the company's intention to provide a more detailed update on its trading, operational and strategic position once this is concluded."

Chill's stock closed Friday's trading session at just 2.15p, down 56% since the start of 2024 and 82% lower than the same date last year.