SerVision plc Update re suspension (1910I)
20 3월 2018 - 12:52AM
UK Regulatory
TIDMSEV
RNS Number : 1910I
SerVision plc
19 March 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").
19 March 2018
SerVision plc
("SerVision" or the "Company")
Update re suspension
Update on the Court hearing in respect of potential
administration of SerVision Limited
Further to the announcements on 20 February 2018 and 13 March
2018, the Company confirms that yesterday morning, 18 March 2018,
the petition to seek creditor protection in connection with the
proposed re-financing of SerVision Limited, the Company's main
operating subsidiary which is based in Israel, was filed with the
Jerusalem District Court in Israel (the "Court").
The Court hearing took place earlier today and involved the
secured creditors of SerVision Limited, being the company's lenders
(Bank Leumi, Bank Hapoalim and Bank Mizrahi-Tefahot) and the
employees. The court has not yet made a decision regarding the
petition as an agreement could not be reached as to who would act
as trustee to oversee the Court process. As such the Court has
adjourned for a second hearing on 22 March 2018, to allow the
relevant parties, being the potential investor Ronnie Cohen and the
State Liquidator, to reach an agreement as to who will act as
trustee.
If such an agreement is achieved and filed with the Court, a
decision may be brought forward before the second hearing is due.
If no agreement can be reached, then it is expected that SerVision
Limited will be placed into immediate liquidation. Even if such an
agreement is reached, there is no guarantee that the Court will
approve the petition.
The Directors of the Company continue to be of the view that not
much value, if any, will be returned from its debts and
shareholding in SerVision Limited.
At this stage the Board continues to seek to clarify the
Company's financial position and seek a solution for the benefit of
creditors and shareholders and the Company is working closely with
its advisers (including an insolvency practitioner) in this
regard.
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
UPDSFSFIUFASEID
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March 19, 2018 11:52 ET (15:52 GMT)
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