SerVision plc Update re. SerVision Limited and suspension (2396P)
May 24 2018 - 9:30AM
UK Regulatory
TIDMSEV
RNS Number : 2396P
SerVision plc
24 May 2018
24 May 2018
SerVision plc
("SerVision" or the "Company")
Update re. SerVision Limited and suspension
Further to the announcement released by the Company on 27 April
2018 the Company announces that the Court has agreed to extend the
creditor protection period for SerVision Limited to 31 May 2018.
This extension to the protection period follows a request being
submitted by the Trustees to the Court and has been put in place to
help facilitate the completion of the sale of SerVision Limited to
a third party buyer. The Board understands that a meeting of
creditors of SerVision Limited has been convened for 28 May
2018.
With the Company ranking behind both the secured creditors and
other general creditors, the Directors of the Company continue to
be of the view that it is extremely unlikely that any value will be
returned to the Company from its debts and shareholding in
SerVision Limited.
The Company retains its 100% ownership of SerVision UK Limited,
the Company's UK operating subsidiary that has acted as the UK
distribution arm for SerVision Limited. The Company is currently
considering its options with regards to SerVision UK Limited.
Under Rule 15 of the AIM Rules for Companies the Company became
an AIM Rule 15 Cash Shell with effect from 22 March 2018, this
being the date the Court in Israel granted the freeze order and
reached agreement on the appointment of the Trustees. Within six
months of becoming an AIM Rule 15 Cash Shell the Company must make
an acquisition or acquisitions which constitute(s) a reverse
takeover under Rule 14 of the AIM Rules for Companies. In the event
that the Company does not complete a reverse takeover under Rule 14
of the AIM Rules for Companies within six months, the Exchange
would suspend trading in the Company's shares pursuant to AIM Rule
40.
The Board of the Company remain in continued discussions with
the Company's advisers and third parties in respect of the
restructuring of the Company to clear the Company's debts and
provide it with sufficient capital as an AIM Rule 15 Cash Shell.
There can be no guarantee that the discussions in respect of the
restructuring of the Company will be successful. If no such
discussions can be successfully concluded then the Company would
need to be placed into the appropriate insolvency process.
The Company's ordinary shares remain suspended from trading on
AIM.
Further updates will be provided by the Company at the
appropriate time.
Certain terms used in this announcement shall have the same
meaning as the definitions in the Company's announcement released
on 18 April 2018.
-ends-
For further information:
SerVision plc
Eitan Yanuv (Finance Director) +44 (0)20 3328
Antony Legge (Non-Executive Director) 5656
Allenby Capital Limited (Nominated +44 (0)20 3328
Adviser and Broker) 5656
Nick Athanas
John Depasquale
Leander PR (Financial PR)
+44 (0)7795 168
Christian Taylor-Wilkinson 157
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDBSGDURDDBGIS
(END) Dow Jones Newswires
May 24, 2018 10:29 ET (14:29 GMT)
Servision (LSE:SEV)
Historical Stock Chart
From Apr 2024 to May 2024
Servision (LSE:SEV)
Historical Stock Chart
From May 2023 to May 2024