SerVision plc Proposed Appointment of Liquidator (9657S)

TIDMSEV

RNS Number : 9657S

SerVision plc

28 June 2018

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

28 June 2018

SerVision plc

("SerVision" or the "Company")

Proposed appointment of Liquidator

Resignation of Nominated Adviser

Further to recent announcements the Company regrets to announce that earlier today discussions with potential funding parties to restructure the Company were terminated. As such the Company has unfortunately been unable to secure the necessary funding to restructure the Company to clear the Company's debts and provide it with sufficient capital as an AIM Rule 15 Cash Shell. The Company has therefore been left with no alternative but to cease trading immediately and be placed into the appropriate insolvency process.

As such the Board has today resolved to place the Company into Creditors' Voluntary Liquidation and has appointed Leonard Curtis to assist with this process. Formal notices will be issued by Leonard Curtis in due course.

Furthermore, with mutual agreement of the Board, Allenby Capital Limited has resigned as Nominated Adviser and Broker to the Company with immediate effect. Pursuant to AIM Rule 1, if a replacement Nominated Adviser is not appointed within one month, the admission of the Company's securities will be cancelled on AIM. The Company has no current intention of appointing a replacement Nominated Adviser.

The Company's ordinary shares remain suspended from trading on AIM.

Any enquiries regarding the Company should be directed to Charlotte John of Leonard Curtis on 0207 535 7000.

-ends-

For further information:

 
SerVision plc 
Eitan Yanuv (Finance Director)                      Tel: 0207 535 7000 
 Antony Legge (Non-Executive Director)

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June 28, 2018 12:00 ET (16:00 GMT)

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