Itsarm PLC Updated timetable (4206Y)
May 04 2023 - 2:40AM
UK Regulatory
TIDMITS
RNS Number : 4206Y
Itsarm PLC
04 May 2023
For immediate release
4 May 2023
Itsarm plc
Updated timetable in relation to
proposed cancellation of admission to trading on AIM
and the General Meeting
Itsarm plc (formerly In The Style Group plc) (AIM: ITS)
("Itsarm" or the "Company" ), announces an update in relation to
the timetable for the proposed cancellation of its admission to
trading on AIM (the "Cancellation") and the general meeting of the
Company scheduled for 12 May 2023 (the "General Meeting").
In the Company's corporate update announcement of 26 April 2023
(the "Update Announcement"), it was announced that assuming the
passing of the resolution to approve the Cancellation (the
"Cancellation Resolution") at the General Meeting, it was expected
that Cancellation would take place on or around 26 May 2023.
Further to that announcement, to ensure that there are at least 20
business days between notice of the Cancellation and any potential
suspension in relation to the passing of the Resolutions, as well
as the Cancellation itself, the following timetable will now
apply:
Revised timetable
9.30 a.m. on 10 May Latest time and date for receipt of proxy
2023 instructions and CREST voting instructions
(together, "Voting Instructions")
9.30 a.m. on 12 May If the Voting Instructions indicate that
2023 the Cancellation Resolution would not be
passed, the General Meeting will proceed
and if the Cancellation Resolution is not
passed the proposed liquidators will not
be appointed and the Cancellation will not
take place. As such, as set out in the circular
to shareholders dated 26 April 2023 (the
"Circular"), it would be likely that within
three months the Company would not be able
to meet its financial obligations as they
fall due and there would be no alternative
other than for the Company to enter into
some form of insolvency procedure under which
the prospects for recovery of value, if any,
by Shareholders would be unlikely*
If the Voting Instructions indicate that
the Cancellation Resolution would be passed,
the General Meeting will be adjourned to
9.30 a.m. on 26 May 2023 (the "Adjourned
Meeting"), the business day prior to the
proposed Cancellation
On or around 15 May Supplementary circular containing notice
2023 of the Adjourned Meeting sent to Shareholders
9.30 a.m. on 24 May Latest time and date for receipt of proxy
2023 instructions and CREST voting instructions
for the Adjourned Meeting
26 May 2023 Trading in ordinary shares of Itsarm plc
suspended before 8.00 a.m.
9.30 a.m. on 26 May Adjourned Meeting is held
2023
26 May 2023 If the Resolutions are passed, proposed liquidators
appointed
If the Resolutions are not passed, the proposed
liquidators will not be appointed and the
Cancellation will not take place. As such,
as set out in the Circular, it would be likely
that within three months the Company would
not be able to meet its financial obligations
as they fall due and there would be no alternative
other than for the Company to enter into
some form of insolvency procedure under which
the prospects for recovery of value, if any,
by Shareholders would be unlikely
30 May 2023 The Cancellation becomes effective
* In the unlikely event that the General Meeting proceeds
because proxy votes received in advance indicate that the
Cancellation Resolution would not be passed but at the General
Meeting shareholders in attendance change the outcome of that vote
then shareholders should be aware that, in the event that the
Cancellation Resolution is passed on 12 May the Company may be
suspended from trading from that date.
Capitalised terms used but not defined in this announcement
shall have the meaning given to them in the Update
Announcement.
Enquiries:
Itsarm plc via Hudson Sandler
Jim Sharp, Director
Richard Monaghan, Director
Hudson Sandler +44 (0)20 7796 4133
Alex Brennan itsarmplc@hudsonsandler.com
Ben Wilson
Liberum Capital Limited (Nomad
and Broker)
Clayton Bush
Scott Mathieson
Miquela Bezuidenhoudt +44 (0)20 3100 2000
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END
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