SerVision plc Update re suspension and Court hearing (9657I)
26 März 2018 - 4:21PM
UK Regulatory
TIDMSEV
RNS Number : 9657I
SerVision plc
26 March 2018
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
26 March 2018
SerVision plc
("SerVision" or the "Company")
Update on the Court hearing in respect of potential
administration of SerVision Limited
Update re suspension
Further to the announcements on 20 February 2018, 13 March 2018
and 19 March 2018, the Company announces that on 22 March 2018 an
agreement was reached on the appointment of the trustees to oversee
the process in the Jerusalem District Court in Israel (the "Court")
in connection with the petition to seek creditor protection for
SerVision Limited, the Company's main operating subsidiary, and the
freeze order was granted by the Court.
At the same time SerVision plc has received an expression of
interest from a third party to acquire SerVision Limited however
the Company was unable to present this expression of interest to
the Court. The Company yesterday petitioned the Court to rescind
the freeze order and allow the Company to pursue this expression of
interest and the possible disposal of SerVision Limited on the
grounds that the Board believes it represents a better outcome for
creditors of SerVision Limited, including the Company.
The Company is currently waiting for the Court to set a date for
the hearing at which this petition can be considered.
The Directors of the Company continue to be of the view that not
much value, if any, will be returned from its debts and
shareholding in SerVision Limited.
At this stage the Board continues to seek a solution for the
benefit of creditors and shareholders and the Company is working
closely with its advisers (including an insolvency practitioner) in
this regard.
The Company's ordinary shares remain suspended from trading on
AIM.
Further updates will be provided by the Company at the
appropriate time.
-ends-
For further information:
SerVision plc
Eitan Yanuv (Finance Director) +44 (0)20 3328
Antony Legge (Non-Executive Director) 5656
Allenby Capital Limited (Nominated +44 (0)20 3328
Adviser and Broker) 5656
Nick Athanas / John Depasquale
Leander PR (Financial PR)
+44 (0)7795 168
Christian Taylor-Wilkinson 157
This information is provided by RNS
The company news service from the London Stock Exchange
END
UPDUNASRWWAOUAR
(END) Dow Jones Newswires
March 26, 2018 10:21 ET (14:21 GMT)
Servision (LSE:SEV)
Historical Stock Chart
Von Apr 2024 bis Mai 2024
Servision (LSE:SEV)
Historical Stock Chart
Von Mai 2023 bis Mai 2024