IPS Ipso Ventures

TIDMIPS

RNS Number : 7044O

Ipso Ventures PLC

15 October 2012

15 October 2012

IPSO VENTURES PLC ("IPSO" or "the Company")

Disposal

The Company announces that it has today completed the disposal of its wholly owned subsidiary IPSO Capital Limited ("IPSO Capital") for a total cash consideration of GBP23,000 to three individual investors including Graeme Stephen, a director of IPSO Capital ("the Disposal"). After payment of certain inter-company balances and expenses relating to the Disposal, the net proceeds accruing to the Company will amount to approximately GBP8,000 which will be applied towards part payment of certain of IPSO's creditors.

IPSO Capital is an FSA Authorised business. In the year ended 30 April 2012, IPSO Capital reported profits before taxation of approximately GBP5,000 which arose as a result of the release of a previous provision. At completion, IPSO Capital had net assets of approximately GBP11,500.

The IPSO board continues to examine several methods of bringing capital into the Company to enable the settlement of its creditor obligations, including the sale or partial sale of its underlying portfolio assets and raising new equity, loan or convertible finance. The Company is in regular contact with its major creditors and is grateful for their continued support. The IPSO board has also received a number of proposals over the last few days which it is now considering.

The IPSO board is hopeful that further positive announcements regarding its financial position will be made in the coming weeks.

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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