Completion of CVA (8617E)
13 April 2011 - 3:57PM
UK Regulatory
TIDMOTV
RNS Number : 8617E
Otium Ventures PLC
13 April 2011
13 April 2011
Otium Ventures Plc ("Otium" or the "Company")
Completion of Company Voluntary Arrangement ("CVA")
On 1 November 2010 the Company announced that resolutions had
been passed at a general meeting of the Company which enabled the
Company to receive an injection of GBP225,000 of new capital and
provided funds to enable Otium to discharge in full its liabilities
under the CVA. Details of the CVA were originally announced by
Otium on 26 April 2010 and the CVA was approved by shareholders and
creditors on 12 May 2010.
The Board of Otium is pleased to announce that the CVA has now
been fully discharged. The Company is now debt free, excluding the
convertible loan notes held by John McKeon and Palmdale Investment
SA (further details of which are contained in the circular posted
to shareholders on 15 October 2010).
The Company's shares are currently suspended from trading on AIM
in accordance with Rule 15 of the AIM Rules and Otium has until 12
May 2011 to complete a reverse takeover or its shares will be
cancelled from trading on AIM.
The Board are at an advanced stage of exploring potential
opportunities and expect to provide a further update to
shareholders in the near future.
For further information:
Otium Ventures Plc
Paul Seakens Tel: +44 (0) 20 3005 9924
Alex Lubin
Allenby Capital Limited Tel: +44 (0) 203 328
Nick Athanas 5656
James Reeve
For more information, please visit: www.otiumventures.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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