Update on Financial Restructuring

 

TIDMNDP 
 
RNS Number : 8016A 
Nipson Digital Printing Systems PLC 
15 October 2009 
 

15 October 2009 
For Immediate Release 
NIPSON DIGITAL PRINTING SYSTEMS PLC ("Nipson" or "Company") 
Update on Financial Restructuring 
Background 
All concerned parties, and in particular all shareholders and holders of 
warrants or options, are referred to the different announcements and 
particularly the announcements made on 18 and 25 of September 2009 concerning 
the financial restructuring of the Nipson Group ("Nipson and its subsidiaries") 
as well as to the different notes contained in the 2008 Annual Report & 
Accounts. These documents are all available for viewing or downloading on the 
Investors AIM Rule 26 section of the Group's website: www.nipson.com. 
 
 
Management of Nipson confirms that D. Roseman Nipson Limited Partnership 
("Roseman"), Polar Communications LTD ("Polar") and Creacorp NV ("Creacorp") 
will not take steps to enforce the repayment of debt due to them until end of 
October 2009. 
 
 In parallel, and in order to find solutions for its 
solvency situation, the Board continues to negotiate for long term solutions 
with especially Polar and Creacorp. However, the Board confirms that, if no 
sustainable solution has been reached between the parties, the Board will need 
to consider arranging a Company Voluntary Arrangement ("CVA") for the Company, 
in order to try to come to a settlement among all creditors. 
Takeover Code 
Although the Company is incorporated in England, the place of central management 
of the Company is currently located outside of the UK, the Channel Islands and 
the Isle of Man because the main place of business is in France.  Accordingly, 
the Company is one to which paragraph 3(a)(ii) of the Takeover Code does not 
apply, and the Panel has confirmed that the Company is not subject to the 
Takeover Code and shareholders will not be afforded any protection under the 
Code. 
If circumstances change, including if changes to the Board are made, the Company 
will consult with the Panel to ascertain whether this will affect the central 
place of management of the Company.  If the Panel determines that, as a result 
of such changes, the Takeover Code becomes applicable to the Company, 
an announcement will be made. 
For further information please contact: 
Marc Maes                                      Tel: [phone] 
Chairman 
 
 
Roland Cornish/Rosalind Hill Abrahams             Tel: [phone] 
Beaumont Cornish Limited 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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