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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Equity Special | LSE:EQS | London | Ordinary Share | GB00B02GPB12 | 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% | 237.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
For immediate release: Equity Special Situations Limited ('ESS' or the 'Company') UPDATE Following the announcement of 15 October 2008, ESS today provides the following update to shareholders. Following the granting of the interim injunction against Landsbanki as announced on 10 October 2008, ESS successfully obtained an order continuing the injunction on 13 October 2008 until trial or further order. On 24 October 2008, ESS filed its Particulars of Claim in the High Court of Justice, Chancery Division against Landsbanki and effected service on Landsbanki on that date. This legal process is ongoing and when further progress is made an update will be provided to shareholders. As a consequence of the extreme collapse in the value of securities owned by ESS during October 2008, following the failure of the Icelandic banks on or around 7 October 2008, the value of the security provided by ESS to other debt providers became insufficient to cover the amounts owing to those debt providers. In addition, the ability of the Company to meet payments falling due to certain creditors and other debt providers became severely restricted. The Company is currently in advanced negotiations with the majority of these debt providers in order to agree an orderly repayment of amounts owing. Should ESS fail to reach agreement with its creditors and debt providers and/or fail to raise the necessary funds from the sale of certain assets, it is likely that the Directors will be forced to take steps to seek formal protection from the Company's creditors. Trading in the Company's shares will remain suspended pending clarification of the status of certain of its investments. Peter Griffin, director, commented: "We are continuing to work with our advisors and creditors to try to ensure a speedy and successful resolution to the extremely difficult and exceptional issues facing ESS. Whilst there is no certainty as to the outcome at this stage, we remain hopeful that ESS will get through this situation, but in order to do so it will require the continued goodwill of our creditors" Enquiries: Equity Special Situations Limited Peter Griffin, Director Tel: +44 (0) 1481 751000 GTH Communications Toby Hall Tel: +44 (0) 20 7153 8039 Evolution Securities Limited Jeremy Ellis Tel: +44 (0) 20 7071 4300 END
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