Resignation of Adviser, Update on MarineTrack Ltd

 

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RNS Number : 7908O 
Marinetrack Holdings PLC 
12 March 2009 
 

 
 
 
 
 
 
 
 
12 March 2009 
 
 
MarineTrack Holdings Plc ("MarineTrack" or the "Company") 
 
 
Update on Administration of Subsidiary 
 
 
Resignation of Adviser 
 
 
The MarineTrack board has been informed that Stratumfive Limited, a company 
owned beneficially by former directors, Stuart Nicholls and Andy Haffenden, have 
agreed to acquire the stock and air-time contracts of the Company's operating 
subsidiary, MarineTrack Limited, from the administrator. The consideration 
comprises a cash payment to the administrator of GBP30,000. In addition, 
Stratumfive Limited will provide such assistance as is necessary to assist the 
administrator of MarineTrack Limited to collect book debts belonging to 
MarineTrack Limited. 
 
 
The net cost of the stock is approximately GBP10,000 and the gross profit on the 
airtime contracts is approximately GBP85,000 per annum. However, it would not be 
possible for MarineTrack Limited to realise any value from the stock or the 
air-time contracts without raising substantial additional funds to settle 
creditors. 
 
 
Stuart Nicholls and Andy Haffenden are related parties for the purposes of Rule 
13 of the AIM Rules for Companies and this transaction would normally be 
required to be disclosed as a related party transaction. However, the directors 
have no control over the decision to sell the assets which has been taken by the 
administrator of MarineTrack Limited. Accordingly, the directors of the Company 
do not confirm that the terms of the transaction are fair and reasonable insofar 
as the Company's shareholders are concerned. 
 
 
As a creditor of MarineTrack Limited, the Company is expected to receive funds 
that will enable it to pay a proportion of its creditors. It is unlikely that 
once creditors of the Company have been paid, there will be a surplus available 
to make a payment to Shareholders of the Company. 
 
 
The board of the Company, which no longer has an operating business, 
is considering its options and is looking at ways to create some value of 
shareholders, including seeking a possible acquisition target. However, any such 
acquisition would constitute a reverse transaction requiring approval by 
shareholders. Further announcements will be made as appropriate. 
 
 
In view of the above, Grant Thornton has resigned as the Company's nominated 
adviser with immediate effect. Pursuant to Rule 1 of the AIM Rules for 
Companies, should the Company fail to appoint a replacement nominated adviser 
within a month, the admission of the Company's AIM securities will be cancelled. 
 
 
Enquiries: 
 
 
Duncan Lipscombe, Director 
MarineTrack Holdings Plc 
Tel: [phone] 
www.marinetrackholdingsplc.co.uk 
 
 
Philip Secrett / Colin Aaronson 
Grant Thornton UK LLP 
Tel: [phone] 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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