IPS Ipso Ventures

TIDMIPS

RNS Number : 9232Q

Ipso Ventures PLC

12 November 2012

12 November 2012

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

Update

On 15 October 2012, the board of IPSO announced that they were continuing to examine several methods of bringing capital into the Company to enable the settlement of its creditor obligations. These included the sale or partial sale of its underlying portfolio assets and raising new equity, loan or convertible finance.

Further to this announcement, the board of IPSO has received a number of credible proposals from certain parties that involve, inter alia, injecting new capital into IPSO in conjunction with the sale of IPSO's existing assets to an unquoted company to be formed for the purposes of the sale ("Newco") for a nominal consideration (the "Proposed Disposal"). It is intended that Newco would be owned by IPSO's shareholders on a pro rata basis to their existing shareholdings in the Company.

Following a careful evaluation of these proposals, the board of IPSO is pleased to announce that it has decided to grant one party a period of exclusivity to enable this party to finalise its due diligence on the Company. Should the due diligence process complete satisfactorily, and the terms of the proposal remain satisfactory to the board of IPSO, then the Proposed Disposal will require the approval of IPSO shareholders in a general meeting. The Proposed Disposal would result in a fundamental change of the business for the Company pursuant to Rule 15 of the AIM Rules for Companies and would result in the Company becoming an Investing Company, as defined under the AIM Rules.

The board of IPSO is in regular contact with IPSO's major creditors and continues to receive their support.

Further announcements will be made in due course.

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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