Iafyds PLC Update on suspension (9455H)
20 3월 2015 - 12:06AM
UK Regulatory
TIDMIAF
RNS Number : 9455H
Iafyds PLC
19 March 2015
19 March 2015
Iafyds PLC, formerly V Phase PLC ("Iafyds" or the "Company")
Update on suspension
The Board of Iafyds is pleased to update the market with news of
the search for a new investment.
Background
On 9 February 2015, the Directors of Iafyds announced the
suspension of trading in the Company's shares in accordance with
Rule 15 of the AIM Rules for Companies ("AIM Rules"), following the
failure by the Company to complete an acquisition which constitutes
a reverse takeover under the AIM Rules, or otherwise implement its
investing policy within 12 months of becoming an Investment
Company.
Within that announcement, reference was made to the Company
having entered into a Memorandum of Understanding ("MOU") to invest
GBP2.1 million by way of convertible loan into a retail business
(the "Target") operating in a clearly defined sub sector of the
leisure industry.
Current position
Following the Target losing the opportunity to acquire another
business in the leisure industry, which was the principal reason
for the Target seeking the investment from the Company, Iafyds is
no longer pursuing this prospect.
The board of Iafyds, its advisers and principal shareholder
continue to look for suitable investments for the Company. Until
such an investment is made the shares of the Company will remain
suspended from trading.
For further information please contact:
Iafyds plc:
Clive Carver / Colin Hutchinson c/o +44 (0) 20 7886 2500
Panmure Gordon:
Hugh Morgan +44 (0) 20 7886 2500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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