SerVision plc Suspension of Trading (4070F)
20 2월 2018 - 9:08PM
UK Regulatory
TIDMSEV
RNS Number : 4070F
SerVision plc
20 February 2018
The information contained within this announcement is deemed by
the Group to constitute inside information as stipulated under the
Market Abuse Regulations (EU) No. 596/2014 ("MAR").
20 February 2018
SerVision plc
("SerVision" or the "Company")
Suspension of Trading
As announced on 13 February 2018, the Company was required to
raise further finance in the near term or face having to convert
some of the existing debt into equity. Unfortunately, the positive
conversations regarding a loan and equity investment that were
ongoing at that time have not yet concluded. The Company was not
able to convert some of the existing debt into equity as the
conversion price is below the nominal value of the Company's shares
and therefore a shareholder meeting would be required to approve a
capital reorganisation and also due to the Company's financial
position, it would not be in the best interests of the creditor.
Whilst those and other conversations are continuing as the Board
takes advice on the options available to the Company, there is
currently no immediate prospect of any new capital.
Since the Company is currently in default on at least one of its
loans and any refinancing will take some time and will require the
agreement of the Company's lenders, the Company has requested an
immediate suspension to the trading on AIM of its shares pending
clarification of its financial position.
Further updates will be provided by the Company at the
appropriate time.
-ends-
For further information:
SerVision plc +972 2535 0000
Gidon Tahan, Chairman and CEO
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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(END) Dow Jones Newswires
February 20, 2018 07:08 ET (12:08 GMT)
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