SerVision plc Update re suspension (3803J)
2018年3月29日 - 5:08PM
RNSを含む英国規制内ニュース (英語)
TIDMSEV
RNS Number : 3803J
SerVision plc
29 March 2018
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
29 March 2018
SerVision plc
("SerVision" or the "Company")
Update on the Court hearing in respect of potential
administration of SerVision Limited
Update re suspension
Further to the announcements on 20 February 2018, 13 March 2018,
19 March 2018 and 26 March 2018, the Company announces that, on 28
March 2018, the Jerusalem District Court in Israel (the "Court")
heard the Company's petition to rescind the freeze order on
SerVision Limited, the Company's main operating subsidiary, and
allow the Company to explore an expression of interest from a third
party to acquire SerVision Limited.
Unfortunately, the Court rejected the Company's petition and the
freeze order allowing protection for SerVision Limited from its
creditors remains in place until 30 April 2018 (the "creditor
protection period"). Advocates Milo and Bar Hillel have been
appointed as the trustees (the "Trustees") to oversee the creditor
protection period. The Trustees have received a loan of US$ 500,000
from the Cohen family Trust to enable them to finance Servision
Limited during the creditor protection period.
The appointment of the Trustees means that the Company no longer
has effective control of SerVision Limited and the expected outcome
following the end of the creditor protection period remains likely
to be the transfer of SerVision Limited to a third party. As
previously announced on 13 March 2018, should the Company's main
operating subsidiary or subsidiaries be divested from the Company
then the Company will become an "AIM Rule 15 Cash Shell" under Rule
15 of the AIM Rules for Companies.
As an AIM Rule 15 Cash Shell, the Company would need to raise
sufficient funds to continue operating and to complete an
acquisition or acquisitions which constitute a reverse takeover
under AIM Rule 14 within 6 months of becoming an AIM Rule 15 Cash
Shell. In the event that the Company does not complete a reverse
takeover under AIM Rule 14 within six months of becoming an AIM
Rule 15 Cash Shell, the London Stock Exchange would suspend trading
in the Company's shares pursuant to AIM Rule 40.
The Directors of the Company continue to be of the view that not
much value, if any, will be returned to the Company from its debts
and shareholding in SerVision Limited and are in discussions with
the Company's advisers and third parties in respect of a potential
creditors voluntary arrangement and associated fund raising to
clear the Company's debts and provide it sufficient capital to be
an AIM Rule 15 Cash Shell.
The Company currently retains its 100% ownership of SerVision UK
Limited, the Company's UK operating subsidiary, and the Company is
currently considering its options with regards to SerVision UK
Limited.
The Company's ordinary shares remain suspended from trading on
AIM.
Further updates will be provided by the Company at the
appropriate time.
-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 company news service from the London Stock Exchange
END
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March 29, 2018 04:08 ET (08:08 GMT)
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