Update on Working Capital
12 3월 2009 - 12:44AM
UK Regulatory
TIDMVICP
RNS Number : 7091O
Vicorp Group PLC
11 March 2009
11 March 2009
VICORP GROUP PLC
("Vicorp" or the "Company")
UPDATE ON WORKING CAPITAL, CANCELLATION OF THE COMPANY'S AIM LISTING, MOVE TO
PLUS MARKET AND RESIGNATION OF NOMINATED ADVISER
Working Capital Update
Further to the announcement on 17 February 2009 ("previous announcement"), the
Company indicated that it was seeking to complete a placing of up to GBP500,000
and raise GBP600,000 loan from Royal Bank of Scotland ("RBS") backed by the new
Enterprise Finance Guarantee.
The directors can now confirm that the loan application was not successful with
RBS, however, the directors can also confirm that the equity fundraising is
underway and that it has now increased the target to GBP600,000. The directors
expect to issue an update on the placing in due course. Based on discussions
with potential investors, the directors expect that a part of the investment
will be in the form of a convertible loan note. The placing is subject to the
resolutions that are proposed at the General Meeting scheduled to take place on
13th March 2009 being passed.
As part of the Company's working capital review, the board have now identified
costs savings of approximatley GBP900,000 on an annualised basis. This target
has been revised from the previous announcement in which the Company indicated
costs savings of GBP500,000. These costs savings are expected to be acheived
within the 6 month timeframe as indicated in the previous announcement.
The board have reviewed the working capital requirements of the Company and are
satisfied that if the above arrangements are completed then Company may remain
financially sound for the foreseeable future.
AIM listing Cancellation and intention to apply for admission to the PLUS Market
As part of a wider review of costs, the Board has concluded that the costs and
regulatory requirements associated with maintaining admission to AIM outweigh
the benefits gained from Admission. The costs include fees paid to the Company's
nominated advisor and registrar, annual fees paid to London Stock Exchange,
costs relating to public announcements, certain fees and expenses of Directors
and fees and expenses of accountants and lawyers engaged to provide services
relating to the Company's Ordinary Shares being traded on AIM.
In addition to the overheads involved in maintaining the Company's admission to
AIM:
- the Company has seen limited trading volume in the Company's shares;
- the Directors consider that given the Company's size and share price it would
be better suited to being listed on PLUS markets; and
- the Directors consider that the best strategy for the Company is to focus on
developing the business and minimising overheads with a view to generating
profit in the shortest possible time.
After careful consideration, the Board has, therefore, concluded that it is in
the best interests of the Company and Shareholders if the Company's admission to
trading on AIM is cancelled.
General Meeting ("GM")
Under the AIM Rules for Companies, it is a requirement that any Cancellation of
Admission must be approved by not less than 75 per cent. of votes cast by
Shareholders in general meeting. Accordingly a notice of GM will be posted to
Shareholders on 12 March 2009 which contains a special resolution to approve the
application to London Stock Exchange for cancellation of admission of the
Ordinary Shares on AIM. The GM will be held at the office of Vicorp Group,
Wexham Springs, Framewood Road, Wexham, Slough SL3 6PJ commencing at 4.00 p.m.
on 16 April 2009. If approved, it is expected that Cancellation of Admission
will take effect from 7.00 a.m. on 24 April 2009.
Directors' recommendation
The Directors consider that the proposals are in the best interests of the
Company and the Shareholders as a whole and are most likely to promote the
success of the Company for the benefit of the Shareholders as a whole.
The Directors unanimously recommend that all shareholders vote in favour of the
upcoming resolution
Timetable
The expected timetable of principal events is shown below:
Posting of Circular regarding delisting from AIM 12 March 2009
Latest time and date for receipt of GM Form of Proxy 3.00 p.m. on 14 April
2009
General Meeting16 April 2009
Cancellation of Admission effective if resolution passed 7.00 am on 24 April
2009
The Board expect to be able to update the market on the timetable for seeking
admission to the PLUS market in due course.
Resignation of the Nominated Adviser
Given the Company's impending delisting from AIM and move to the PLUS market,
Zimmerman Adams International ("ZAI"), the Company's nominated adviser, has
tendered its resignation, to take effect as at the date of delisting being 24
April 2009.
In the event that the resolution to pass the delisting from AIM is not
successful, then ZAI will resign with immediate effect following the General
Meeting on 16 April 2009. The Company's shares will be suspended from trading on
AIM in accordance with Rule 1 of the AIM Rules.
If within one month following such suspension Vicorp has failed to appoint a
replacement Nominated Adviser, the admission of the Company's shares to trading
on AIM will be cancelled.
For further information, please contact:
Brendan Treacy, Chief Executive, Vicorp Group PLC
Tel: 01753 660 500
www.vicorp.com
Monisha Varadan, Rivington Street Corporate Finance
Tel: 0207 562 3389
Ray Zimmerman/Jonathan Evans, Zimmerman Adams International Limited
Tel: 0207 060 1760
www.zimmint.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUAOVRKKROAAR
Vicorp (LSE:VICP)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Vicorp (LSE:VICP)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024
Vicorp (London Stock Exchange)의 실시간 뉴스: 최근 기사 0
More Vicorp Group Plc News Articles