ZATT Zattikka

TIDMZATT

RNS Number : 8598J

Zattikka PLC

22 July 2013

 
       For immediate release   22 July 2013 
 

ZATTIKKA PLC

('Zattikka' or the 'Company')

Update

Zattikka, the online games entertainment group, makes the following market update.

In its trading update released on 9 July 2013, the Company advised that certain loan note interest, in an amount of GBP0.275m (the "Interest Payment"), was at that time due to be paid. The Company has not yet made the payment and, as a result, has received a demand from the Hattrick loan note holders for payment of such amount by close of business on 2 August 2013 (the "Expiry Date"). In the event that the payment is not made by the Expiry Date, and without an agreement from the Hattrick loan note holders not to enforce their rights, the principal amount under the Hattrick loan notes (an amount of EUR6.4m) would become repayable in full within 2 business days of the Expiry Date. The directors of the Company have received advice that the Company should not make the Interest Payment at this time, as this may, should the Company enter into administration, constitute a preference under the Insolvency Act 1986.

Further, and again as announced on 9 July 2013, the Group has entered into negotiations with its loan note holders with a view to extinguishing a substantial proportion of the Group's liabilities. These negotiations have not yet resulted in a consensus outcome but they continue, and the Company will update the market on the result of these in due course.

Further announcements will be made as and when appropriate.

For further information, please contact:

 
Zattikka 
Mark Opzoomer, Chief Executive Officer   +44 (0) 20 7491 6410 
Rob Gorle, Chief Financial Officer 
 Canaccord Genuity Limited 
  Nominated Adviser and Broker 
  Simon Bridges / Peter Stewart           +44 (0) 20 7523 8000 
 Buchanan 
  Jeremy Garcia / Clare Akhurst           +44 (0) 20 7466 5000 
 

www.buchanan.uk.com

About Zattikka:

Zattikka plc is a digital games entertainment group, developing games and providing publishing services in this sector of the rapidly evolving multi-billion dollar global digital entertainment market. Headquartered in the United Kingdom with shares listed on London's AIM (ZATT), Zattikka games studios include Sneaky Games (USA), Spellgun (USA and China) and Hattrick (Europe). Business to business services include high quality game art and design services provided by Concept Art House (USA and China) and in-game analytics insights through its bespoke SNAP technology platform developed in London.

For more information visit www.zattikka.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

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