Zamano PLC Potential Disposal (4507N)

TIDMZMNO

RNS Number : 4507N

Zamano PLC

09 August 2017

zamano plc

("zamano" or the "Company")

Potential Disposal

On 31 March 2017 the Company confirmed its intention to wind down the existing business lines in order to protect the cash position on the balance sheet. The board of zamano ("Board") has considered its options for effecting this course of action in a manner that maximises the cash available for distribution to shareholders. The Board concluded that the wind down would most effectively be completed by a sale of the Company's remaining operating business and assets comprising its PSMS business. Accordingly, the Company is in discussions with a number of parties, and the Board believes it is close to executing a transaction with a preferred party.

Any transaction if it proceeds will be for a nominal consideration. zamano will also be required to make a cash contribution to the business to provide it with adequate working capital and in respect of potential liabilities that may arise following completion of the sale.

Shareholders should note that there is no certainty that any transaction will be completed and any transaction will be subject to approval by the company's shareholders. A further announcement will be made in due course.

 
 zamano plc 
 Colin Tucker, Interim        Tel: + 44 (0) 778 233 
  Chairman                     3888 
 
 Investec Corporate Finance 
 Shane Lawlor/Ian McGreal     Tel: + 353 1 421 0000 
 
 Cenkos Securities 
 Derrick Lee/Neil McDonald    Tel: + 44 (0) 131 220 
                               6939 
 
 
 MCOMM Communications Consultants 
 Richard Moore                      Tel: [phone] 
                                     Mob: [phone] 
 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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August 09, 2017 02:00 ET (06:00 GMT)