24 December 2024
Electric Guitar PLC
("Electric Guitar"
or the "Company")
Update re: Liquidation of 3radical
Limited
Electric Guitar PLC (LSE: ELEG) announces that,
further to the Company's announcement of 13
December 2024, following a meeting of the shareholders of 3radical
Limited ("3radical") and
the approval of creditors on 23 December 2024, 3radical has been
placed into a creditors' voluntary liquidation and Christopher
Errington and Paul Ellison of KRE Corporate Recovery Limited
("KRE") have been appointed as joint liquidators of
3radical.
As a result of the liquidation of
3radical, Electric Guitar plc has ceased to control or conduct all
or substantially all its previous trading business, activities or
assets and therefore is no longer a trading company and has no
operating revenues. Therefore, for the purposes of the AIM Rules
for Companies (the "AIM
Rules"), the Company is now classified as an AIM Rule 15
cash shell. As such, the Company will be required to make an
acquisition or acquisitions which constitute a reverse takeover
under AIM Rule 14 or seek re-admission to AIM as an investing
company (as defined under the AIM Rules) on or before the date
falling six months from today, failing which the Company's ordinary
shares would be suspended from trading on AIM pursuant to AIM Rule
40.
The Board of directors of Electric
Guitar continues to review options available to the Company
including, inter alia, seeking financing to allow the Company to
pursue an acquisition strategy. The Company currently has minimal
cash balances and known creditors of approximately £1 million.
Accordingly, the Company's ordinary shares remain suspended from
trading on AIM pending clarification of the Company's financial
position and further updates will be provided as
appropriate.
A further announcement will be made
in due course.
For further
information:
|
Electric
Guitar PLC
John Regan, CEO
KRE Corporate
Recovery
Christopher Errington
|
info@electricguitarplc.com
01189 977
357
|
|
Allenby
Capital (Nominated Adviser and Joint Broker)
Jeremy Porter / Piers Shimwell / Dan
Dearden-Williams
|
020 3328
5656
|
|
Axis Capital
Markets (Joint Broker)
Richard Hutchison
|
020 3026
0320
|
|
GIS (Joint
Broker)
James Sheehan
|
020 7048
9400
|
|
Notes to
Editors
Electric Guitar PLC (AIM: ELEG) is the provider
of first-party data solutions for the marketing and advertising
industry, empowering businesses to realise the value of their
first-party data. In an era of changing consumer attitudes towards
the use of their data, tighter privacy legislation, and the demise
of third-party cookies, first-party data is now the key to success
in digital marketing. Electric Guitar's strategy has been to
acquire and scale businesses that help marketers maximise the value
of first-party data by curating, managing, and deploying it, and in
doing so making Electric Guitar the industry standard for
first-party data solutions. As the first part of this strategy,
Electric Guitar acquired 3radical Limited, a company that utilises
its Software as a Service platform, 3radical Voco, to enable
organisations to engage individuals and request their data directly
using interactive digital experiences.
For further information please
visit www.electricguitarplc.com.