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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Neville Porter | LSE:NEV | London | Ordinary Share | GB00B1KKFP62 | ORD 0.0444P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.10 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Neville Porter plc ("Neville Porter" or the "Company") Proposed Company Voluntary Agreements 12 May 2008 Further to the announcement made on 17 April 2008, the Board of the Company, in conjunction with its advisers, has been seeking to clarify its financial position. Following this review, the Company has appointed Antony Batty & Company LLP, Licensed Insolvency Practitioners, to propose Company Voluntary Agreements ("CVA") for the Company and its two subsidiaries. A circular detailing the Board's proposals for the future of the Company and convening an Extraordinary General Meeting will be sent to shareholders in due course. A CVA is a legally binding contract between an insolvent company and its creditors. The CVA is supervised by a Licensed Insolvency Practitioner ("IP"). The IP will inform all creditors in advance of a creditors' meeting, at which the creditors will vote on a repayment proposal, drafted by the IP. The proposal needs a 75 per cent majority (based on the value of the debts owed) to be passed. Once it is passed, creditors will not be able to pursue debts in the normal way. They must abide by the repayment plan in the proposal. The Company Voluntary Arrangement (CVA) procedure was established by the Insolvency Act 1986 to provide means for the turnaround of financially troubled but viable small firms; it a very flexible approach to an insolvent situation and can be tailor made to a company's needs. A further announcement will be made as soon as possible. For further information, contact: Company Neville Porter plc Simon Walters 07714 237 523 Neville Porter 07920 100 400 Broker SVS Securities plc Richard Morrison Peter Manfield 020 7638 5600 Nominated Adviser Blomfield Corporate Finance Ltd Nick Harriss 020 7512 0191 Antony Batty & Company LLP 020 7831 1234 Michelle Barthel
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