Proposed Company Voluntary Agreements
12 Maggio 2008 - 5:48PM
UK Regulatory
Neville Porter plc
("Neville Porter" or the "Company")
Proposed Company Voluntary Agreements
12 May 2008
Further to the announcement made on 17 April 2008, the Board of the Company, in
conjunction with its advisers, has been seeking to clarify its financial
position. Following this review, the Company has appointed Antony Batty &
Company LLP, Licensed Insolvency Practitioners, to propose Company Voluntary
Agreements ("CVA") for the Company and its two subsidiaries. A circular
detailing the Board's proposals for the future of the Company and convening an
Extraordinary General Meeting will be sent to shareholders in due course.
A CVA is a legally binding contract between an insolvent company and its
creditors. The CVA is supervised by a Licensed Insolvency Practitioner ("IP").
The IP will inform all creditors in advance of a creditors' meeting, at which
the creditors will vote on a repayment proposal, drafted by the IP. The proposal
needs a 75 per cent majority (based on the value of the debts owed) to be
passed. Once it is passed, creditors will not be able to pursue debts in the
normal way. They must abide by the repayment plan in the proposal. The Company
Voluntary Arrangement (CVA) procedure was established by the Insolvency Act 1986
to provide means for the turnaround of financially troubled but viable small
firms; it a very flexible approach to an insolvent situation and can be tailor
made to a company's needs.
A further announcement will be made as soon as possible.
For further information, contact:
Company
Neville Porter plc
Simon Walters 07714 237 523
Neville Porter 07920 100 400
Broker
SVS Securities plc
Richard Morrison
Peter Manfield 020 7638 5600
Nominated Adviser
Blomfield Corporate Finance Ltd
Nick Harriss 020 7512 0191
Antony Batty & Company LLP 020 7831 1234
Michelle Barthel
Grafico Azioni Neville Porter (LSE:NEV)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Neville Porter (LSE:NEV)
Storico
Da Giu 2023 a Giu 2024
Notizie in Tempo Reale relative a Neville Porter (Borsa di Londra): 0 articoli recenti
Più Neville Porter Plc Articoli Notizie