Travelzest plc Company Voluntary Arrangement (2436Y)
22 January 2014 - 9:00PM
UK Regulatory
TIDMTVZ
RNS Number : 2436Y
Travelzest plc
22 January 2014
22 January 2014
Travelzest PLC
("Travelzest" or the "Company")
Company Voluntary Arrangement and Resignation of Adviser
Further to the announcement on 20 December 2013, the Joint
Administrators can now confirm that it will not be possible to
achieve an exit from administration via a Company Voluntary
Arrangement ("CVA").
For the CVA and associated issue of share capital to have taken
place it required 75% of existing shareholders to vote in favour. A
group of shareholders which claims to represent 28% of the
Company's shareholding advised that it intended to oppose the
rescue of the Company via a CVA.
As such, the parties considering funding the rescue, which would
have resulted in a small dividend to unsecured creditors and a
diluted but tradeable shareholding for existing shareholders, have
withdrawn their offer on the basis that the necessary favourable
vote would likely not be achieved.
As a result, there will now be no return to creditors and the
Joint Administrators advise that they intend to exit the
administration via a dissolution of the Company once they have
fulfilled their statutory duties.
Resignation of Nominated Adviser
The Joint Administrators further confirm the resignation of the
Company's nominated adviser, Sanlam Securities UK Limited, with
immediate effect. If, within one month of today's date, the Company
has failed to appoint a replacement nominated adviser, the
admission of its AIM securities will be cancelled. The Joint
Administrators do not intend to appoint a replacement nominated
adviser.
Enquiries:
Grant Thornton UK LLP
+44 (0)20 7383
Ian Corfield/David Dunckley (Joint Administrators) 5100
Sanlam Securities UK Limited (Nominated +44 (0)20 7628
Adviser and Broker) 2200
Simon Clements / Virginia Bull
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCSEESUEFLSELF
Travelzest (LSE:TVZ)
Historical Stock Chart
From May 2024 to Jun 2024
Travelzest (LSE:TVZ)
Historical Stock Chart
From Jun 2023 to Jun 2024
Real-Time news about Travelzest (London Stock Exchange): 0 recent articles
More Travelzest News Articles