DQ Entertainment PLC Replacement Cancellation of Trading on AIM (0894T)

TIDMDQE

RNS Number : 0894T

DQ Entertainment PLC

23 March 2016

 
 FOR IMMEDIATE RELEASE   23 MARCH 2016 
 

DQ ENTERTAINMENT PLC

("DQE" or the "Company")

Cancellation of Trading on AIM

DQE regrets to advise that, pursuant to AIM Rule 1, the Company's shares will be cancelled from trading on AIM ("Cancellation") at 7:00 a.m. on 24 March, 2016 as the Company has not been able to appoint a replacement nominated adviser ("Nomad").

As notified in our announcement on 4th February 2016, the Company had approached a number of prospective Nomad's to replace our previous Nomad. However given the current issues being faced by the Company namely:

- the alleged change of control and the possible event of default, under the terms of the bonds issued by certain of the Company's subsidiaries and announced on 9 December 2014 (the "Bonds");

- requisition of general meeting of the Company (the "General Meeting") to propose resolutions to appoint Anil Chintapalli and Suresh Chitturi as directors of the Company (the "Proposed Directors"),as well as removal with immediate effect of Mr. Sundar Srinivasa Raghavan and Ms. Rashida Adenwala as directors of the board of the Company.

none of the prospective Nomad's have consented to act as the Nomad of the Company until these issues are resolved. The Directors of the Company greatly regret both the initial suspension during 23 February 2016 and the delisting that has now occurred as a direct result of that event.

The Directors of the Company are fully committed to compliance requirements, and are working towards creating an alternative platform for facilitating trading in the Company Shares. Further announcements in this regard shall be made by the Company in due course. The Company will continue operating as an unlisted Company as of now.

Shareholders are advised that, during the period following Cancellation until the listing is restored, the Company intends to provide updates via its website at www.dqentertainment.com, and via RNS Reach.

The CREST facility will be terminated following Cancellation of our admission to AIM and the ISIN for the securities held in the CREST system will be disabled and expired. The share certificates will be posted out by Computershare Investor Services (Jersey) Limited to the shareholders registered address.

Enquiries:

DQ Entertainment plc Tel: [phone]

Tapaas Chakravarti - Chairman and CEO

Rashida Adenwala - Director Finance & Investor Relations

- ENDS -

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCAKNDKPBKDONB

(END) Dow Jones Newswires

March 23, 2016 11:09 ET (15:09 GMT)