CVA & Group Restructuring (6063Y)
2010年12月24日 - 8:27PM
RNSを含む英国規制内ニュース (英語)
TIDMIMJ
RNS Number : 6063Y
imJack PLC
24 December 2010
IMJACK PLC
(the "Company" or "ImJack)
Group Restructure
Further to the announcement made by the Company on December 15th
2010, ImJack announces that it is currently in talks with
insolvency practitioners regarding the implementation of a Company
Voluntary Arrangement (CVA) to be proposed to creditors of the
Company. A CVA is a formal procedure under Part 1 of the insolvency
Act 1986 that allows a company to agree a composition or
arrangement with its creditors in satisfaction of some or all of
its debts.
A letter has been sent to creditors and will be sent to
shareholders to inform them of these proposals.
The terms of the proposals are to make a single distribution of
GBP499 438 by 30th April 2011 or an amount equivalent to enable the
payment of a dividend of GBP100p in the GBP to unsecured creditors.
The contribution is dependent on the Company being able to
implement its new business plan as set out below by the 30th April
2010 in order to allow it to raise the funds to complete the CVA
and continue trading. Meanwhile the proposed CVA for ImJack
Communications ltd has failed owing to the GBP50,000 for the second
payment due at the end of October not being available to the
Company.
The Company has developed a new dimension to its communications
platform for schools which the Directors believe will enable it to
generate significant funds in the medium and long term. The Company
has been in discussions with a number of major organisations and
potential commercial partners regarding this opportunity and the
Company has received positive feedback regarding this potential
opportunity. The Directors believe that if the model is successful
then it will greatly enhance the value of the Company enabling it
to raise further funds at a higher price than the suspension price
in the New Year along with a restructured Board.
Whilst the Company pursues this new business plan it will
require further funding and the Morris family have agreed to do
this on the following terms:-
-- As previously announced on November 9th Debra Morris has a
been granted security over the assets of the Company in relation to
loans made to the Company. These assets are held in a subsidiary
company of ImJack- The Day Ltd ("the Day") which has loans of
GBP155,000 from Debra Morris and the third party individual
referred to in the announcement of 3rd December 2010. The Directors
believe that the value of the assets is less than the loans. The
Day has been transferred to the Morris family for nil
consideration.
-- As from the 1st January 2011 the Company's employees along
with their employment liabilities will be transferred to a new
company owned by the Morris family ("Newco").
-- In the event that the Company successfully completes the CVA
and pursues its new business plan, then the Company has been
granted an option to repurchase the Day along with Newco for GBP1m
in shares along with repayment of the loans to the Morris family
and the third party individual. If the option is not exercised it
will lapse after 4 months.
The Company's independent Director considers, having consulted
with the Company's nominated adviser, Daniel Stewart, that the
terms of these related party transactions are fair and reasonable
as far as the shareholders are concerned and represent the best way
to restore value to the shares and pay the creditors.
For further information please contact:
imJack Plc Tel. 01653 618016
Michael Abrahams Chairman
Daniel Stewart & Company plc Tel. 020 7776 6550
Emma Earl/Paul Shackleton
Rawlings Financial PR Ltd Tel. 01653 618016
Catriona Valentine
This information is provided by RNS
The company news service from the London Stock Exchange
END
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