Ipso Ventures PLC Statement re. Suspension (3282O)
10 Octubre 2012 - 1:30AM
UK Regulatory
TIDMIPS
RNS Number : 3282O
Ipso Ventures PLC
10 October 2012
10 October 2012
IPSO VENTURES PLC ("IPSO" or "the Company")
Suspension of shares
On 23 January 2012 the Company announced that, whilst it had no
bank debt and that significant cost savings had been implemented by
the IPSO board, there was only sufficient working capital to take
the Company into the third quarter of this calendar year.
The Company has, to date, been unable to raise additional
capital or sell any assets and, whilst the IPSO board believes that
the Company continues to be able to trade solvently, it currently
has insufficient cash to satisfy all of its creditor obligations.
Due to this uncertainty, the IPSO board also believes that the
Company is not going to be in a position to publish its report and
accounts for the financial year ended 30 April 2012 by 31 October
2012 in accordance with AIM Rule 19.
The IPSO board has therefore requested the suspension of the
IPSO trading facility on AIM and the Company's ordinary shares will
be suspended from trading on AIM with effect from 7.30am on 10
October 2012.
The IPSO board continues to review all of its options, certain
of which are at an advanced stage, including the sale of a Group
company, the sale or partial sale of one or more of its underlying
portfolio assets and raising new equity, loan or convertible
finance. The Board is also considering the merits of seeking a
delisting of the Company from AIM to save significant costs and
allow the sale of its asset portfolio on a more measured basis.
Further announcements will be made as and when appropriate.
Enquiries:
IPSO Ventures plc Tel: 020 7462 0093
Craig Rochford, Chairman
Nick Rodgers, Chief Executive
Allenby Capital Limited Tel: 020 3328 5656
(Nominated Adviser and Broker)
Nick Naylor
Mark Connelly
Nick Athanas
This information is provided by RNS
The company news service from the London Stock Exchange
END
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