Update on Financial Restructuring
October 15 2009 - 1:00AM
UK Regulatory
TIDMNDP
RNS Number : 8016A
Nipson Digital Printing Systems PLC
15 October 2009
15 October 2009
For Immediate Release
NIPSON DIGITAL PRINTING SYSTEMS PLC ("Nipson" or "Company")
Update on Financial Restructuring
Background
All concerned parties, and in particular all shareholders and holders of
warrants or options, are referred to the different announcements and
particularly the announcements made on 18 and 25 of September 2009 concerning
the financial restructuring of the Nipson Group ("Nipson and its subsidiaries")
as well as to the different notes contained in the 2008 Annual Report &
Accounts. These documents are all available for viewing or downloading on the
Investors AIM Rule 26 section of the Group's website: www.nipson.com.
Management of Nipson confirms that D. Roseman Nipson Limited Partnership
("Roseman"), Polar Communications LTD ("Polar") and Creacorp NV ("Creacorp")
will not take steps to enforce the repayment of debt due to them until end of
October 2009.
In parallel, and in order to find solutions for its
solvency situation, the Board continues to negotiate for long term solutions
with especially Polar and Creacorp. However, the Board confirms that, if no
sustainable solution has been reached between the parties, the Board will need
to consider arranging a Company Voluntary Arrangement ("CVA") for the Company,
in order to try to come to a settlement among all creditors.
Takeover Code
Although the Company is incorporated in England, the place of central management
of the Company is currently located outside of the UK, the Channel Islands and
the Isle of Man because the main place of business is in France. Accordingly,
the Company is one to which paragraph 3(a)(ii) of the Takeover Code does not
apply, and the Panel has confirmed that the Company is not subject to the
Takeover Code and shareholders will not be afforded any protection under the
Code.
If circumstances change, including if changes to the Board are made, the Company
will consult with the Panel to ascertain whether this will affect the central
place of management of the Company. If the Panel determines that, as a result
of such changes, the Takeover Code becomes applicable to the Company,
an announcement will be made.
For further information please contact:
Marc Maes Tel: +32 494500423
Chairman
Roland Cornish/Rosalind Hill Abrahams Tel: 0207 628 3396
Beaumont Cornish Limited
This information is provided by RNS
The company news service from the London Stock Exchange
END
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