Mobilewave Group PLC Update on Financing (4572K)

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RNS Number : 4572K

Mobilewave Group PLC

30 July 2013

30 July 2013

MobileWave Group PLC

("MobileWave" or the "Company")

Update on Financing

As previously announced, the Board has been working with its advisors towards a successful completion of a transaction which, if completed, would have led to new investment into the Company providing much needed funding. Despite all its efforts and a high degree of confidence that it would be able to secure this funding by the end of July 2013, the Board no longer believes that this transaction will complete in the requisite time scale and therefore the Company will be unable to request the restoration of trading in its ordinary shares and that cancellation of trading in the shares on AIM will be forthcoming.

Throughout this period, the Board has continued to seek out all possible funding arrangements to secure the future financial position of the Company, but these have unfortunately not been forthcoming.

As has been previously announced, the Board has aggressively pursued the outstanding Devin Narang debt through both the UK and Indian judicial systems. The Board remains committed to securing this outstanding debt and will continue to pursue this and the crucially important new investment as a private company.

The Board will consider implementing a private trading facility to enable shareholders to continue to buy and sell shares after trading on AIM has ceased. An update on the potential implementation of a trading facility will be published on the Company's website www.mobilewave in due course.

For further information, please contact:

MobileWave Group plc

Rory Stear, Chairman ([e-mail])

Charles Stanley Securities, nominated adviser and broker:

Dugald J Carlean / Carl Holmes 020 7149 6000

This information is provided by RNS

The company news service from the London Stock Exchange

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