RAM Active Media PLC Statement re Court Filing (3776V)
December 12 2013 - 4:53AM
UK Regulatory
TIDMRAM
RNS Number : 3776V
RAM Active Media PLC
12 December 2013
RAM ACTIVE MEDIA PLC ("RAM" or the "Company")
Notice of intention to appoint administrator
Following the announcements made on 5 September, 21 October, 20
November and 21 November 2013 and the suspension of the Company's
shares from trading on AIM and the subsequent divestment of its
trading subsidiary RAM Vision, the board of RAM announces that it
yesterday filed at court an intention to appoint an administrator
(the "Filing").
The intention of the board is to use the protection provided by
the Filing to negotiate a creditors voluntary agreement ("CVA").
The objective of a CVA would be to enable Creditors and
Shareholders to recover some value by holding shares in an AIM
quoted company. The Directors have requested Trevor Binyon of Opus
Restructuring LLP to advise the board in this process. Mr. Binyon
has received several expressions of interest in financing the
Company, subject to agreeing a CVA with its creditors. A CVA would
eliminate the Company's indebtedness and liabilities and would be
subject to approval by the creditors at a creditors meeting.
If a CVA is not agreed and approved, the Directors believe that
the Company will face an uncertain future as there are currently
insufficient assets to repay the creditors. In this situation it is
likely that ahead of a cancellation of listing on AIM, the outcome
will be for the Company to be placed into liquidation and in such
circumstances there are unlikely to be any returns to
Shareholders.
For the avoidance of any doubt, a CVA would not result in any
distribution being made to Shareholders.
Shares in the Company will continue to be suspended from trading
on AIM until further notice.
RAM Active Media plc
David Binding (Chairman) 07866 809 109
Libertas Capital Corporate Finance Limited
Sandy Jamieson, Thilo Hoffmann 0207 569 9650
This information is provided by RNS
The company news service from the London Stock Exchange
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