Ipso Ventures PLC Further re Proposed Demerger and Subscription (0504V)
08 Enero 2013 - 4:35AM
UK Regulatory
TIDMIPS
RNS Number : 0504V
Ipso Ventures PLC
08 January 2013
8 January 2013
IPSO VENTURES PLC ("IPSO" or "the Company")
Further re Proposed Demerger and Subscription
On 28 December 2012, the Board announced that the Company had
entered into a conditional agreement and posted a circular to
Shareholders ("the Circular"), in connection with the proposed
subscription by an Investor Group for GBP360,000 of new Ordinary
Shares and also to demerge the Company and IPSO Management
(including the IPSO Investment Portfolio).
The Board has recently become aware that Buckton Homes Limited
("Buckton Homes"), a shareholder owning approximately 4.3 per cent.
of the Ordinary Shares, yesterday posted a letter to Shareholders
raising certain concerns about the Proposals put to
Shareholders.
The Board has recently obtained a copy of this letter and is in
the process of reviewing it in order to seek to answer or clarify
the concerns raised by Buckton Homes in its letter. The Company
will issue a further announcement once this review process is
complete.
The Board considers the Proposed Demerger and Subscription to be
in the best interests of the Company and of the Shareholders as a
whole for the reasons set out in the Circular and continue to
unanimously recommend Shareholders to vote in favour of the
Resolutions to be proposed at the General Meeting to be held at the
offices of DMH Stallard LLP, 6 New Street Square, New Fetter Lane,
London EC4A 3BF at 11.00 a.m. on 14 January 2013. The Company has
received irrevocable undertakings from Shareholders (including the
Board) totalling 50.9 per cent. of the Company's issued share
capital, to vote in favour of the Resolutions.
The Board would also draw Shareholders attention to the
following paragraph that is contained in the Circular: "Should the
Resolutions not be passed at the General Meeting and/or the Court
Order and the Proposals not be implemented, the Company would have
insufficient working capital available to it to continue to trade
and would need to be refinanced immediately to enable it to
continue trading. There can be no assurance that such refinancing
would be forthcoming and in these circumstances the Board will be
forced to take steps to protect the interests of creditors which
may include placing the Company into administration or
receivership."
Shareholders are advised to take no action regarding the letter
from Buckton Homes pending a further announcement which is expected
to be issued later today.
All definitions used in this announcement have the same meaning
as the Company's announcement of 28 December 2012, unless otherwise
defined herein.
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)
Mark Connelly
Nick Athanas
This information is provided by RNS
The company news service from the London Stock Exchange
END
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