Iconic Labs PLC Settlement and CVA (6596X)
30 Agosto 2022 - 7:19PM
UK Regulatory
TIDMICON
RNS Number : 6596X
Iconic Labs PLC
30 August 2022
For immediate release
ICONIC LABS PLC - IN ADMINISTRATION
Settlement of Disputes and Company Voluntary Arrangement
The Joint Administrators provide the following update on the
administration, settlement of disputes and convening of a General
Meeting:
Disputes with D sefton & Greencastle MediA
A Settlement Agreement has been entered into between the
Company, Greencastle Media, Arch Capital Partners LLP, Mr D Sefton
and the European High Growth Opportunities Securitization Fund . As
a result, all litigation proceedings have been dismissed, and all
claims, counter claims, including defamation claims, among the
parties, have been waived or will be waived upon the CVA being
approved.
A separate announcement has been issued relating to the
retraction of claims made against David Sefton and the former
directors of Iconic Labs PLC.
COMPANY VOLUNTRAY ARRANGEMENT PROPOSALS
Company Voluntary Arrangement ("CVA") Proposals have been
finalised and are being sent out to all creditors and shareholders,
together with Notices of Meetings of creditors and shareholders to
consider the CVA which to be held on 22 September 2022, at 10.30 am
and 2.00pm respectively. The General Meeting of Shareholders will
include a Resolution to approve the CVA will be held at the offices
of KWM Europe LLP, 9(th) Floor, 24 Monument Street, London, EC3R
8AJ. The meeting of shareholders will, if the CVA is passed,
consider, in addition to a resolution to approve the CVA,
resolutions to authorise the directors of the Company to allot
shares and to disapply statutory pre-emption rights. These
resolutions relating to the issuance of shares by the Company will
be crucial to the Company's ability to raise future finance,
including from the European High Growth Opportunities
Securitization Fund as part of the "future funding" as described
below.
A Form of Proxy must be completed, signed and received by
Company's registrar, SLC Registrars, in accordance with the
shareholders' circular.
FUTURE FUNDING
Subject to the CVA being approved and other resolutions being
passed by shareholders at the General Meeting, the European High
Growth Opportunities Securitization Fund have agreed to provide
funding for the CVA and general working capital purposes, under
existing and new facilities, subject to certain conditions
precedent.
RE-LISTING OF SHARES
If the CVA is approved, the Board will enter into discussions
with the Financial Conduct Authority with a view to the Company's
suspension of shares being lifted. The Company's annual accounts
for the year ended 30 June 2021 have been prepared and once audited
will be published along with interim accounts to 31 December
2021.
ADMINISTRATION
If the CVA is approved, it is anticipated that the
Administration will be brought to an end as soon as is practically
possible.
30 August 2022
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END
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