SerVision plc Update re. SerVision Limited and suspension (4647M)
April 27 2018 - 12:13PM
UK Regulatory
TIDMSEV
RNS Number : 4647M
SerVision plc
27 April 2018
27 April 2018
SerVision plc
("SerVision" or the "Company")
Update re. SerVision Limited and suspension
Further to the announcement released by the Company on 18 April
2018 the Company announces that the Court has today agreed to
extend the creditor protection period for SerVision Limited from 30
April 2018 to 22 May 2018. This extension to the protection period
follows a request being submitted by the Trustees to the Court
earlier this week.
Furthermore the Trustees have also today agreed to extend the
deadline for them receiving offers from third parties to purchase
SerVision Limited, an Israeli incorporated company. The Trustees
are now requesting that offers are submitted to them by 16:00
Israel local time / 14:00 BST on 6 May 2018. This extension by the
Trustees follows on from the publication by the Trustees of an
advertisement in a newspaper in Israel on 13 April 2018 inviting
offers from third parties to purchase SerVision Limited.
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 become 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.
Certain terms used in this announcement shall have the same
meaning as the definitions in the Company's announcement released
on 18 April 2018.
-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
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