SerVision plc Update re. SerVision Limited and suspension (2426L)
18 April 2018 - 4:00PM
UK Regulatory
TIDMSEV
RNS Number : 2426L
SerVision plc
18 April 2018
18 April 2018
SerVision plc
("SerVision" or the "Company")
Update re. SerVision Limited and suspension
On 29 March 2018 the Company announced, inter alia, that a
freeze order allowing protection for SerVision Limited from its
creditors was in place until 30 April 2018 (the "creditor
protection period") and that Advocates Milo and Bar Hillel had been
appointed as the trustees (the "Trustees") to oversee the creditor
protection period. The Board has been informed that on 13 April
2018 the Trustees published an advertisement in a newspaper in
Israel inviting offers from third parties to purchase SerVision
Limited, an Israeli incorporated company. The Trustees have
requested that offers are submitted to them by 16:00 Israel local
time / 14:00 BST on 30 April 2018.
The Board anticipates that the Trustees will request the
Jerusalem District Court in Israel (the "Court") to extend the
creditor protection period beyond 30 April 2018 to enable
expressions of interest to be considered and to provide additional
time to enable a sale of SerVision Limited to a third party to take
place in a period of creditor protection. The Board of the Company
understands that at this stage the Trustees have not made such a
request to the Court and there is no guarantee that an extension to
the creditor protection period will be sought from the Trustees or
be forthcoming from the Court.
The expected outcome from the Court process remains likely to be
the transfer of SerVision Limited to a third party. As previously
announced should the Company's main operating subsidiary or
subsidiaries be divested from the Company then the Company will
become an "AIM Rule 15 Cash Shell" under Rule 15 of the AIM Rules
for Companies.
As an AIM Rule 15 Cash Shell, the Company would need to raise
sufficient funds to continue operating and to complete an
acquisition or acquisitions which constitute a reverse takeover
under AIM Rule 14 within 6 months of becoming an AIM Rule 15 Cash
Shell. In the event that the Company does not complete a reverse
takeover under AIM Rule 14 within six months of becoming an AIM
Rule 15 Cash Shell, the London Stock Exchange would suspend trading
in the Company's shares pursuant to AIM Rule 40.
The Directors of the Company continue to be of the view that not
much value, if any, will be returned to the Company from its debts
and shareholding in SerVision Limited and are in continued
discussions with the Company's advisers and third parties in
respect of a potential creditors voluntary arrangement and
associated fundraising to clear the Company's debts and provide it
with sufficient capital to be an AIM Rule 15 Cash Shell.
The Company currently retains its 100% ownership of SerVision UK
Limited, the Company's UK operating subsidiary, and the Company is
currently considering its options with regards to SerVision UK
Limited.
The Company's ordinary shares remain suspended from trading on
AIM.
Further updates will be provided by the Company at the
appropriate time.
-ends-
For further information:
SerVision plc
Eitan Yanuv (Finance Director) +44 (0)20 3328
Antony Legge (Non-Executive Director) 5656
Allenby Capital Limited (Nominated +44 (0)20 3328
Adviser and Broker) 5656
Nick Athanas
John Depasquale
Leander PR (Financial PR)
+44 (0)7795 168
Christian Taylor-Wilkinson 157
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCBCGDSRDBBGIR
(END) Dow Jones Newswires
April 18, 2018 02:00 ET (06:00 GMT)
Servision (LSE:SEV)
Historical Stock Chart
From Apr 2024 to May 2024
Servision (LSE:SEV)
Historical Stock Chart
From May 2023 to May 2024