PLW Playwize

 

TIDMPLW 
 
RNS Number : 3978D 
Playwize PLC 
01 December 2009 
 

01 December 2009 
 
 
Playwize plc 
("Playwize" or the "Company") 
 
 
Update and investing policy 
 
 
 
 
Update 
 
 
On 19 November 2009 the Company's ordinary shares were suspended from trading on 
AIM pursuant to Rule 15 of the AIM Rules for Companies (the "AIM Rules") as the 
Company had not implemented their investing strategy by 19 November 2009, the 
anniversary of the date on which shareholders gave consent to the Company's 
investing strategy. 
 
 
The Company also announced on 19 November 2009 that they had signed non-binding 
heads of terms for the acquisition of a business in accordance with its 
investing strategy. This proposed acquisition would be classified as a reverse 
takeover under the AIM Rules and, whilst heads of terms have been agreed, the 
proposed acquisition remains subject to a number of conditions including, inter 
alia, satisfactory completion of due diligence and approval by shareholders of 
Playwize. There can be no certainty that any such transaction will be concluded 
or as to the terms of on which any such acquisition may be made. 
 
 
Further announcements will be made as and when appropriate. 
 
 
Investing policy 
 
 
Further to the changes to the AIM Rules affecting investing companies which came 
into effect on 01 June 2009, the Company's re-stated investing policy, in line 
with the new definition of Investing Policy under the AIM Rules, is set out 
below. 
 
 
The directors of the Company confirm that the Company's Investing Policy has not 
changed materially from the investing strategy approved by shareholders at the 
extraordinary general meeting of the Company held on 18 November 2008. 
 
 
The full text of the Investing Policy will be published on the Company's website 
at www.playwize.com. It is the intention of the Company to publish the Investing 
Policy in the Company's annual report and accounts. Any material change to the 
Investing Policy will be subject to shareholder approval. 
 
 
The Company's Investing Policy is to acquire a single business which the 
Directors believe represents an opportunity to create shareholder value and the 
Company will consider opportunities in Europe, Asia and the Middle East. The 
focus will be on UK service businesses however, other than real estate, no field 
of activity shall be ruled out. 
 
 
The Directors may offer new shares in the Company by way of consideration 
instead of, or as well as, cash thereby helping to preserve the Company's cash 
resources for working capital. The Company may, in appropriate circumstances, 
issue debt securities or otherwise borrow money to complete an investment. There 
are no borrowing limits in the Articles of Association of the Company. The 
Directors do not intend to acquire any cross-holdings in other corporate 
entities that have an interest in the issued share capital of the Company. 
 
 
The Directors believe that their broad collective experience in the areas of 
acquisitions, accounting, corporate and financial management will assist them in 
the identification and evaluation of suitable opportunities to enable the 
Company to achieve its objectives. 
 
 
The Company may invest by way of outright acquisition, the acquisition of the 
assets (including the intellectual property), of a relevant business, 
partnerships or joint venture arrangements. Such investments may result in the 
Company acquiring the whole or part of a company or project (which in the case 
of an investment in a company may be private or listed on a stock exchange and 
which may be pre-revenue) and may constitute a minority stake in the company or 
project in question. 
 
 
The Company intends to be a long-term investor and the Directors will place no 
minimum or maximum limit on the length of time that any investment may be held. 
 
 
There are no restrictions on the type of investment that the Company might make 
nor on the type of opportunity that may be considered other than set out in this 
Investing Policy. 
 
 
As the Company's ordinary shares are traded on AIM this provides a facility for 
shareholders to realise their investment in the Company. In addition the 
Directors may consider from time to time other means of facilitating returns to 
shareholders including dividends, share repurchases, demergers, schemes of 
arrangement or liquidation. 
 
 
Under Rule 41 of the AIM Rules Playwize has until 19 May 2010 to complete an 
acquisition or investment that constitutes a reverse takeover under the AIM 
Rules in line with the Investing Policy. In the event that such an acquisition 
has not been made by the Company by 19 May 2010 trading in the Company's shares 
on AIM will be cancelled. 
 
 
For further information please contact: 
 
 
+----------------------------------------------+-------------------------------+ 
| Playwize plc                                 | Tel: +972 54 4602 253         | 
+----------------------------------------------+-------------------------------+ 
| John Corre                                   |                               | 
+----------------------------------------------+-------------------------------+ 
|                                              |                               | 
+----------------------------------------------+-------------------------------+ 
| Allenby Capital Limited                      | Tel: +44 (0)20 3328 5656      | 
+----------------------------------------------+-------------------------------+ 
| Nick Athanas                                 |                               | 
+----------------------------------------------+-------------------------------+ 
| James Reeve                                  |                               | 
+----------------------------------------------+-------------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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