SerVision plc Update re. SerVision Limited and suspension (4647M)

TIDMSEV

RNS Number : 4647M

SerVision plc

27 April 2018

27 April 2018

SerVision plc

("SerVision" or the "Company")

Update re. SerVision Limited and suspension

Further to the announcement released by the Company on 18 April 2018 the Company announces that the Court has today agreed to extend the creditor protection period for SerVision Limited from 30 April 2018 to 22 May 2018. This extension to the protection period follows a request being submitted by the Trustees to the Court earlier this week.

Furthermore the Trustees have also today agreed to extend the deadline for them receiving offers from third parties to purchase SerVision Limited, an Israeli incorporated company. The Trustees are now requesting that offers are submitted to them by 16:00 Israel local time / 14:00 BST on 6 May 2018. This extension by the Trustees follows on from the publication by the Trustees of an advertisement in a newspaper in Israel on 13 April 2018 inviting offers from third parties to purchase SerVision Limited.

The Directors of the Company continue to be of the view that not much value, if any, will be returned to the Company from its debts and shareholding in SerVision Limited and are in continued discussions with the Company's advisers and third parties in respect of a potential creditors voluntary arrangement and associated fundraising to clear the Company's debts and provide it with sufficient capital to become an AIM Rule 15 Cash Shell.

The Company currently retains its 100% ownership of SerVision UK Limited, the Company's UK operating subsidiary, and the Company is currently considering its options with regards to SerVision UK Limited.

The Company's ordinary shares remain suspended from trading on AIM.

Further updates will be provided by the Company at the appropriate time.

Certain terms used in this announcement shall have the same meaning as the definitions in the Company's announcement released on 18 April 2018.

-ends-

For further information:

 
SerVision plc 
Eitan Yanuv (Finance Director)                         [phone] 
 Antony Legge (Non-Executive Director)                  5656 
Allenby Capital Limited (Nominated                     [phone] 
 Adviser and Broker)                                             5656 
Nick Athanas 
 John Depasquale 
 
 
Leander PR (Financial PR) 
                             [phone] 
Christian Taylor-Wilkinson               157 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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April 27, 2018 12:13 ET (16:13 GMT)