Iconic Labs PLC Update on General Meeting (9969B)
15 Junio 2021 - 10:27AM
UK Regulatory
TIDMICON
RNS Number : 9969B
Iconic Labs PLC
15 June 2021
For immediate release
Update on Administration and adjournment of General Meeting
The Joint Administrators provide the following update on
progress since their appointment:
Update
1. The Joint Administrators have not made material progress in
assessing the financial position of the Company as they await a
Statement of Affairs which is required to be provided by the
directors together with various accounting and financial records of
the Company which have also been requested from the directors.
2. The Joint Administrators have, however, obtained access to a
bank account of the Company which currently has a negative cash
balance. The Joint Administrators are trying to establish whether
the Company has any other bank accounts.
3. The Joint Administrators are not aware of any employees
employed within the Company or any business activity being
conducted by the Company, and therefore there appears to be no
urgent operating cash pressure on the Company save for the costs
being incurred in the administration.
4. The Joint Administrators have received unsolicited notices of
claim from multiple unsecured creditors.
5. The Joint Administrators have received notice from the
secured creditor of the Company suggesting that the obligations
secured by its debenture extend beyond the debt originally claimed
by it and cover a wider range of potential claims, including under
the secured creditor's investment agreement with the Company. The
secured creditor has further notified the Joint Administrators of
several breaches of that investment agreement and that it is in the
process of calculating the damages it claims are due as a result.
The Joint Administrators consider that, should these claims prove
to be correct, the sums due to the secured creditor are likely
considerably to exceed the amount of the debt originally claimed by
it.
6. The Joint Administrators act for the general body of
creditors of the Company. They intend to instruct independent legal
advisers to advise them on the merits of the various claims that
have been asserted to date, including by the directors against a
range of third parties. Upon receipt of that advice, the Joint
Administrators will then consider whether such claims should be
pursued for the benefit of the Company, its creditors and,
potentially, its shareholders. Even if sufficient asset recoveries
were to be made by the Joint Administrators towards discharging the
claims of the secured creditor which are agreed in full, the
Company would still remain in administration unless and until
sufficient further recoveries can be made which would enable the
Joint Administrators to pay all unsecured and other creditors and
the costs of the administration in full. The Joint Administrators
hope to be in a position to publish a summary of the legal advice
being sought by them once received.
General Meeting
7. The Joint Administrators received representations from
European High Growth Opportunities Fund ("EHGO") urging the Joint
Administrators to proceed with the General Meeting originally
scheduled for 2.00pm today, 15 June 2021. The Joint Administrators
have agreed with EHGO that the General Meeting would be, and
accordingly it has been, adjourned until 2.00pm on 29 June 2021 to
enable the Joint Administrators to continue their investigations
into the Company's affairs in the meantime and to update
shareholders as necessary. The Joint Administrators hope to explore
discussions with EHGO in relation to meaningful and achievable
financing proposals to benefit the Company's creditors and,
potentially, shareholders.
8. The Joint Administrators will provide further updates in due course.
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END
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June 15, 2021 11:27 ET (15:27 GMT)
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