Notice of EGM

RNS Number:1197T
Innobox PLC
25 April 2008

Innobox Plc

                          ("Innobox" or the "Company")





Further to the announcement and suspension of trading in the Company's ordinary
shares on the 17 April 2007 due to the resignation of Hanson Westhouse Limited,
the Company announces that it has posted to shareholders a circular containing a
notice of an extraordinary general meeting to be held at 9.00 a.m. on Monday, 12
May 2008 at the Company's registered office, Meriden House, 6 Great Cornbow,
Halesowen, West Midlands B63 3AB (the "EGM").



The resolutions to be proposed at the EGM concern to seek shareholder approval
for the directors to dispose of the investments in the share capital of the
subsidiary undertakings to an independent third party for the best possible
price.



Following these disposals this will leave the Company as a shell to which the
Directors have been in discussions with a number of parties with a view to one
of these parties taking over the shell of Innobox Plc.



The aggregate amount of the investments in the subsidiary undertakings, although
written down to zero in the accounts, that are the subject of the Disposal, when
taken with the overall investment of the Company, represents more than 75 per
cent. of the investments of the Company for the year ended 30 April 2008 and
consequently, under the AIM rules, the Disposal will result in a fundamental
change in the business of the Company.



The Disposal is conditional, inter alia, on the passing of Resolutions to be
proposed at an extraordinary general meeting to be held on 12 May 2008.



Investing Strategy

Following the Disposal the directors of Innobox believe that the Company could
be attractive to a number of potential targets/investments.



The Innobox directors intend to seek to acquire another company or business in
exchange for the issue of ordinary shares in the Company in a single transaction
(a "reverse takeover").  The Innobox directors' main investment criteria are: -



*                     the Leisure and Entertainment sector within the UK, Europe
or North America; and



*                     businesses whose growth prospects, if achieved, will be
earnings enhancing for shareholders of the Company.



However, these criteria are not intended to be exhaustive and the Company may
make an investment which does not fulfil all the investment criteria if they
believe it is in the interests of shareholders of the Company as a whole to
proceed with such an investment.  Any acquisition of the Company will be put to
Innobox shareholders for their approval at the appropriate time.



Under the AIM rules, the Company will have to complete a reverse takeover by 12
May 2009 or trading in the ordinary shares of the Company on AIM will be
suspended for up to six months, following which the listing on AIM will be
cancelled if a reverse takeover has not been completed by that time.



There is no guarantee that the Company will make a successful acquisition.
However, if an acquisition and/or investment is not completed by 12 November
2009, the Directors will give the Innobox shareholders the opportunity to
consider the future of the Company by convening an extraordinary general
meeting.



A copy of the circular will be available for download from the Company's website
of www.innobox.co.uk from 4pm this afternoon.



Further announcements by the Company will be made in due course.



Enquiries:


Arthur Baker                                          07850 276928
Non-executive Chairman                                [e-mail]





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            The company news service from the London Stock Exchange
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