Litebulb Group Limited Disposal Strategy and Suspension (9858Q)
04 March 2016 - 12:30AM
UK Regulatory
TIDMLBB
RNS Number : 9858Q
Litebulb Group Limited
03 March 2016
3 March 2016
LITEBULB GROUP LIMITED
("LiteBulb" the "Company" or the "Group")
Disposal Strategy and Suspension from Trading
LiteBulb (AIM: LBB), the branded product developer, announces
that it is no longer pursuing the strategy of securing additional
financing of approximately GBP2.0 million through an equity
fundraising, alongside the associated restructuring of its current
indebtedness, as announced on 22 February 2016.
The Board had successfully received indications of interest from
equity investors for approximately GBP2.0m that included
participation by the current executive management team and two of
the non-executive directors. However, based on recent events the
Board no longer believes that it is appropriate to maintain the
Group structure and does not believe that agreement on the terms of
a restructure consistent with the equity raise can be reached with
convertible bondholders in a timely fashion.
The Board also notes the recent EGM requisition made by Nick
Ponting to remove certain members of the Board and whilst confident
that any such resolutions would not be passed, this action has
contributed to further unnecessary uncertainty within the Group. In
addition Nick Ponting has stated to the Board that he would not
vote in favour of the resolutions re the fundraising and
restructuring.
The Board has therefore reluctantly concluded that it must now
commence an orderly disposal process of the Company's subsidiaries
and BDO LLP have now been engaged to assist in this process.
Whilst the Board understand that there is interest in the
Company's subsidiaries, the Directors cannot give guidance on the
timeframe for, or likelihood of, realisations at this stage
although the Directors do not believe that there is likely to be
any return to shareholders as a result of the disposals.
The Company has requested an immediate suspension in the trading
of its Ordinary Shares from trading on AIM owing to the uncertainty
of any return to shareholders from the proposed disposal
process.
A further update will be made in due course.
For further information, please contact:
LiteBulb Group Limited www.litebulbgroup.com
Howard Partington, Interim Tel: 020 3384 7100
Chief Executive
Guy Pettigrew, Group Finance
Director
finnCap (NOMAD & Broker) Tel: 020 7220 0500
Stuart Andrews / Adrian Hargrave
/ Scott Mathieson (Corporate Finance)
Joanna Scott (Corporate
Broking)
Walbrook PR Limited Tel: 020 7933 8780 or
litebulb@walbrookpr.com
Paul McManus / Sam Allen Mob: 07980 541 893 / Mob:
07884 664 686
About LiteBulb Group
LiteBulb Group designs, manufactures and distributes innovative
brands and products to the global retail market.
LiteBulb Products, our wide range of products are sold in over
30 countries through blue chip retailers including: Tesco, M&S,
John Lewis Partnership, Sainsbury's, Debenhams, Wilkinson's, Next,
Boots, WH Smiths, Amazon, Target and Costco.
LiteBulb Creative is a creative agency with global reach,
delivering compelling and agile brand extension programmes to the
entertainment industry. LiteBulb Creative has designed products and
campaigns for clients around the world, including Disney, Hasbro
and Miramax.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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