Further re Delisting
06 Marzo 2003 - 9:05AM
UK Regulatory
RNS Number:4017I
OneSaturday PLC
06 March 2003
ONESATURDAY PLC
Further re Delisting
Further to the Company's announcement on 5 March 2003 regarding its intention to
delist, the Company wishes to provide the following additional information.
The Company announced its intention to cancel its quotation on AIM because its
directors believe that the costs of maintaining a listing currently outweigh the
benefits of being listed given the illiquidity of the Company's shares and the
very low share price. The Company considers that it is unable to raise money
through a rights issue or a fresh issue of new shares given the costs of raising
such money and associated advisers' fees. The directors believe that should
additional funds be required, the new Board will be able to provide funding to
the Company subject to normal shareholder rights. Chris Matthews is a major
shareholder in the Company and has agreed to back the Company and provide it
with its necessary funding should growth capital be required.
The appointment of the new management team - Rob West and Peter Randall, who
along with Chris Matthews set up Telinco plc in 1997 and sold it to World Online
for over #100 M in 2000, should re-assure shareholders that their Company is in
safe hands. Chris Matthews wishes to expand the Company globally and become
predominantly web based and intends to develop and grow the Company at the same
speed as he did with Telinco plc. In the future, the Board will then seek to
either sell, merge or relist the Company.
Another significant addition to the board is Lorraine Adams who, two years ago,
founded Gorgeous Networks Limited, a lifestyle and dating company. Lorraine is
seen as a leading spokesperson in the industry.
For further comments from any of the new board members or information please
call Rebecca Clark Group Marketing manager on 0870 744 0208.
This information is provided by RNS
The company news service from the London Stock Exchange
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