Concha plc Rule 15 (6955U)
26 Oktober 2017 - 10:32AM
UK Regulatory
TIDMCHA
RNS Number : 6955U
Concha plc
26 October 2017
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR)
CONCHA PLC
('Concha' or 'the Company')
Rule 15
Further to the announcements made previously regarding the
status of Concha's investment in Ve Interactive Limited ("Ve") and
the consequent write-down in value of Concha's investment in Ve,
Concha is now deemed to be an AIM Rule 15 Cash Shell.
Under the AIM Rules, as a Rule 15 Cash Shell, Concha has six
months from the date it became an AIM Rule 15 Cash Shell to make an
acquisition or acquisitions that constitute a reverse takeover
("RTO") in accordance with AIM Rule 14 or convert into an AIM Rule
8 Investing Company (including the associated raising of funds as
specified in AIM Rule 8) ahead of that time otherwise its shares
will be suspended from trading on AIM. Concha became an AIM Rule 15
Cash Shell on 3 October 2017.
Your Board will now consider the merits of either becoming an
AIM Rule 8 Investing Company or migrating its listing to an
alternative exchange in order to further its preferred strategic
direction of being able to secure "early stage" equity interests in
innovative concepts of a disruptive nature where the opportunities
for growth and mass user adoption are significant. In addition,
full consideration will be given to the opportunities for
completing an RTO prior to its shares being suspended from trading
on AIM.
Whilst your Board acknowledges the regulatory interpretation of
recent events at Ve, it will ensure that the opportunities which
your Board has identified will be retained and that its strategy of
restoring shareholder value will be preserved. In addition, Concha
will continue to monitor the actions and progress of those former
shareholder initiatives which seek to challenge the role and
appointment of the Administrator in the insolvency process of Ve.
An indicative ruling in respect of the first of these challenges is
expected prior to the end of this year, the outcome of which will
provide important direction as to the extent of any future
involvement Concha may have in supporting these actions.
Further announcements will be made in due course, as
appropriate.
For further information, please contact:
Concha PLC
Chris Akers, Chairman chris.akers@srgplc.com
SPARK Advisory Partners Limited (Nominated Advisor) +44 (0) 20
3368 3550
Sean Wyndham-Quin/Mark Brady
This information is provided by RNS
The company news service from the London Stock Exchange
END
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