Mobilewave Group PLC Update on Financing (9255F)

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RNS Number : 9255F

Mobilewave Group PLC

30 May 2013

30 May 2013

MobileWave Group PLC

("MobileWave" or the "Company")

Update on Financing

The Board of MobileWave has been advised that the transaction, disclosed to shareholders on 30 April, is proceeding and that the Asian based investment group expect to make the investment into the Company in June 2013. As mentioned previously, the funding arrangement is dependent on a complex series of transactions which require a number of variables to be completed. The Board is frustrated that its expectations to announce firm funding have been delayed but remain confident of being in a position to make a positive statement shortly. Until the investment into the Company has been made, the Directors believe it is prudent that trading in the Company's shares remain suspended.

The Board, in consultation with the Company's advisors, continue to explore a range of strategic options for MobileWave, all of which are dependent on receiving new funding. Shareholders will be kept appropriately informed as these options develop.

For further information, please contact:

MobileWave Group plc

Rory Stear, Chairman ([e-mail])

Charles Stanley Securities, nominated adviser and broker:

Dugald J Carlean / Carl Holmes 020 7149 6000

This information is provided by RNS

The company news service from the London Stock Exchange

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