We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Itsarm Plc | LSE:ITS | London | Ordinary Share | GB00BMXMR838 | ORD GBP0.0025 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.775 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMITS
RNS Number : 2855H
Itsarm PLC
26 July 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE UK VERSION OF THE MARKET ABUSE REGULATION (EU) 596/2014 WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018
26 July 2023
Itsarm plc
Restoration of trading
Dismissal of the Winding-up Petition
Directorate changes
Itsarm plc ("Itsarm" or the "Company") announces that, further to the announcement on 24 July 2023, the Company has received confirmation that at the court hearing of the Winding-up Petition held earlier today at the Business and Property Courts of England and Wales the court ordered the dismissal of the Winding-up Petition. As a result, the Proposal as described in the announcement on 24 July 2023 has come into effect immediately resulting in the following changes to the Company's board of directors:
-- James Sharp (previously Non-Executive Chairman) and Richard Monaghan (previously Executive Director) have resigned from the board and from the Company with immediate effect. As previously announced both Mr Sharp and Mr Monaghan have agreed to waive their payments in lieu of notice along with their unpaid fees for July 2023.
-- David Craven and Jean-Paul Rohan have been appointed to the Company's board with immediate effect as Non-Executive Chairman and Non-Executive Director respectively. As previously announced, both Mr Craven and Mr Rohan have agreed to take up their positions for annual remuneration of GBP1 each until further notice.
The disclosures required under Schedule 2(g) of the AIM Rules for Companies in relation to Mr Craven and Mr Rohan can be found in the Appendix to this announcement.
The Proposal has resulted in a significant reduction of the Company's liabilities, contingent liabilities and ongoing costs resulting in the Company becoming solvent and being able to continue as a going concern. As previously announced, as at 20 July 2023, the Company had cash of approximately GBP223,000. The Proposal reduces the Company's liabilities and contingent liabilities to c. GBP140,000, all of which will be settled as soon as reasonably practicable. The new directors believe the remaining cash coupled with potential access to other funding, if required, is sufficient to explore and undertake any potential AIM Rule 14 transaction, as described further in the paragraph below.
AIM Rule 15 cash shell status
The new directors intend to enter into an acquisition or acquisitions which would constitute a reverse takeover under Rule 14 of the AIM Rules for Companies (the "AIM Rules"). At this time there is no certainty as to the exact structure, identity or timing of such a transaction(s) or as to whether or not such a transaction(s) will happen at all, but the new directors are assessing a number of potential opportunities.
The Company has been an AIM Rule 15 cash shell since the disposal of its trading business on 27 March 2023. If the Company does not complete a transaction which qualifies as an AIM Rule 14 transaction by 28 September 2023, the Company's Ordinary Shares will be suspended from trading on AIM at 7.00 a.m. on 28 September 2023, pursuant to Rule 40 of the AIM Rules. Admission to trading on AIM would then be cancelled six months from the date of suspension.
Restoration of trading
As a result of the dismissal of the Winding-up Petition the Company's ordinary shares will be restored to trading on AIM to coincide with the release of this announcement.
Unless stated otherwise all defined terms in this announcement will have the same meaning applied to them as those in the announcement released by the Company on 24 July 2023.
Enquiries:
Itsarm plc Via Hudson Sandler
David Craven, Non-Executive Chairman
Jean-Paul Rohan, Non-Executive Director
Hudson Sandler +44 (0)20 7796 4133
Alex Brennan itsarm@hudsonsandler.com
Ben Wilson
Liberum Capital Limited (Nomad and Broker) +44 (0)20 3100 2000
Clayton Bush
Scott Mathieson
Miquela Bezuidenhoudt
APPENDIX - Schedule 2(g) disclosures
David Charles McNae Craven, aged 57.
Mr Craven has no interest in the Ordinary Shares of Itsarm plc.
Mr Craven holds the following positions or has held the following positions in the last five years:
Current positions Previous positions The renewable energy people Allwyn entertainment ltd Limited Box film (boudicca) Limited Saffron asset finance ltd Box film Limited Mcnae properties ltd Box tv (dice) Limited Saffron financial Limited Box tv (in production) Limited Craven convergence Limited Box tv (prodco) Limited Acemore finance Limited Box tv (production) ltd Mayfair capital investments Box tv (s&l) Limited UK Limited Box tv Limited N.B.D. holdings Limited N.B.D. pictures Limited DCD media Limited Bentley park (UK) Limited Sportingwins Limited Rize international Limited Timeweave gaming Limited Rize publishing Limited Timeweave Limited Breathtaking Limited DCD drama Limited DCD rights Limited Digital classics distribution (two) Limited Prospect pictures Limited Rize television Limited September films Limited September songs Limited Sequence post Limited Amalgamated racing Limited Ultimate finance holdings Limited Saffron invoice finance Limited My moolah ltd Asian racing media Limited International turf club Limited Datawest computer services Limited Microskill (services) Limited Telectronics systems Limited Timeweave bookmaking and finance (holdings) Limited Timeweave retail Limited Timeweave washosp Limited
Jean-Paul Stephen Rohan, aged 56.
Mr Rohan has no interest in the Ordinary Shares of Itsarm plc.
Mr Rohan holds the following positions or has held the following positions in the last five years:
Current positions Previous positions In The Game Management Limited Hydda Limited Hot Air Limited DCD Media Plc
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
BOABGGDRBXDDGXL
(END) Dow Jones Newswires
July 26, 2023 06:45 ET (10:45 GMT)
1 Year Itsarm Chart |
1 Month Itsarm Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions