Ipso Ventures PLC Update (9232Q)
12 Novembre 2012 - 5:00PM
UK Regulatory
TIDMIPS
RNS Number : 9232Q
Ipso Ventures PLC
12 November 2012
12 November 2012
IPSO VENTURES PLC ("IPSO" or "the Company")
Update
On 15 October 2012, the board of IPSO announced that they were
continuing to examine several methods of bringing capital into the
Company to enable the settlement of its creditor obligations. These
included the sale or partial sale of its underlying portfolio
assets and raising new equity, loan or convertible finance.
Further to this announcement, the board of IPSO has received a
number of credible proposals from certain parties that involve,
inter alia, injecting new capital into IPSO in conjunction with the
sale of IPSO's existing assets to an unquoted company to be formed
for the purposes of the sale ("Newco") for a nominal consideration
(the "Proposed Disposal"). It is intended that Newco would be owned
by IPSO's shareholders on a pro rata basis to their existing
shareholdings in the Company.
Following a careful evaluation of these proposals, the board of
IPSO is pleased to announce that it has decided to grant one party
a period of exclusivity to enable this party to finalise its due
diligence on the Company. Should the due diligence process complete
satisfactorily, and the terms of the proposal remain satisfactory
to the board of IPSO, then the Proposed Disposal will require the
approval of IPSO shareholders in a general meeting. The Proposed
Disposal would result in a fundamental change of the business for
the Company pursuant to Rule 15 of the AIM Rules for Companies and
would result in the Company becoming an Investing Company, as
defined under the AIM Rules.
The board of IPSO is in regular contact with IPSO's major
creditors and continues to receive their support.
Further announcements will be made in due course.
Enquiries:
IPSO Ventures plc Tel: 020 7462 0093
Craig Rochford, Chairman
Nick Rodgers, Chief Executive
Allenby Capital Limited Tel: 020 3328 5656
(Nominated Adviser and Broker)
Nick Naylor
Mark Connelly
Nick Athanas
This information is provided by RNS
The company news service from the London Stock Exchange
END
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