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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Aerobox | LSE:ARX | London | Ordinary Share | GB0032654427 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.47 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9954S AeroBox plc 15 March 2007 15 March 2007 AeroBox plc ("ARX" or the "Company") Trading Statement and Cancellation of Admission to AIM Following the announcements on 15 September 2006 and 24 January 2007 the Directors of ARX have been unable to secure rescue financing or find an appropriate company willing to effect a reverse takeover by allowing ARX to purchase it. A major issue remains the viability of the US subsidiary company AeroBox Composite Structures LLC ("ACS"). ACS is now protected under the provisions of Chapter 11 of the US Bankruptcy Code where the intention is for the Court to oversee the disposal of ACS sometime in the future. The Board considers that there is very little prospect of any return to ARX from a subsequent sale of ACS, although this will only be known with certainty following the sale of ACS, which may take up to a year. ARX has minimal funds and substantial creditors that cannot be paid. In an effort to make ARX attractive to any possible reverse target, discussions have been taking place for the private purchase of these debts so that ARX can be viewed as a solvent entity, which currently it is not. The Board will advise shareholders on the outcome of those discussions and the convening of any shareholder meeting in regard to any company reorganisation. Following the sale of ACS the Board will know whether there are any funds that flow to ARX and will notify shareholders of the position at that time. The likely outcome if no business can be attracted to the ARX "shell" is that the Company will be wound up. Under the AIM rules, if a suspension of share trading prevails for 6 months then trading on AIM is automatically cancelled. As trading in the Company's shares has been suspended since 15 September 2006, the Company's listing on AIM will be cancelled at the close of trading on 15 March 2007. Only if the Board can find a suitable business to acquire or can suitably refinance the Company could they consider restoring an AIM listing. - ends - Enquiries: Ray Gibbs, Group Managing Director, AeroBox plc +44 20 7929 5599 Trevor Phillips, Holborn PR +44 20 7929 5599 Jeremy Porter, Seymour Pierce +44 20 7107 8000 This information is provided by RNS The company news service from the London Stock Exchange END STRLZLLFDXBEBBD
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