The former owner of Hotter Shoes has been handed a new deadline to complete a reverse takeover or face its shares being thrown out of the London Stock Exchange's AIM.
Over 400 jobs were saved after Skelmersdale-headquartered Unbound Group sold Hotter Shoes out of administration to WoolOvers Group for £6.7m last week.
The company was the main trading subsidiary of AIM-listed Unbound Group and the deal leaves it as a cash shell.
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Under AIM's rules, Unbound Group must make a single or multiple acquisitions which constitute a reverse takeover within six months from July 18, the date its sale of Hotter Shoes completed.
Alternatively, the group can seek to become an investing company which would require it to raise at least £6m.
If it does not complete a reverse takeover or seek re-admission to trading on AIM as an investing company within the six-month period, its ordinary shares would be suspended from trading.
In a statement, the group said: "The board continues to review the options available to Unbound Group plc.
"The company will provide further updates as appropriate."
The group also confirmed that its annual accounts will not be published on August 5 as had originally been planned.
It added: "The company continues to work with RSM º£½ÇÊÓƵ Group LLP as auditor with a view to publishing the annual report as soon as reasonably practicable."
