Cancellation of AIM Admission

 

TIDMPLW 
 
RNS Number : 8451L 
Playwize PLC 
13 May 2010 
 

                                                                     13 May 2010 
 
                                  Playwize plc 
                          ("Playwize" or the "Company") 
 
                          Cancellation of AIM Admission 
 
The Board of Playwize today announces that the Company's quotation on the AIM 
market of the London Stock Exchange plc ('AIM') will automatically be cancelled 
with effect from 7 a.m. on 20 May 2010 pursuant to Rule 41 of the AIM Rules for 
Companies. At that time, the Company's shares will have been suspended from 
trading on AIM for a period of six months. 
 
Since the Company disposed of its business and assets on 18 November 2008, the 
Board of Playwize has evaluated a number of potential opportunities, none of 
which have been suitable in light of the Company's investing strategy nor, the 
Directors believe, in the best interests of its shareholders. In addition, the 
Company has worked on prospective transactions which have moved into due 
diligence phase but subsequently aborted following termination of discussions 
between the Board and other respective parties. Specifically the Company 
announced on 19 November 2009 that they had signed non-binding heads of terms 
for the acquisition of a business in accordance with its investing strategy. 
Unfortunately this transaction was aborted following termination of discussions 
between the Board and the other respective parties. 
 
As a consequence the Company has been unable to make an acquisition or 
acquisitions which constitute a reverse takeover under rule 14 or otherwise 
implement the Company's investing strategy. 
 
Due to the negligible resources available to the Company it is not envisaged 
that the Board will continue to seek to find a suitable transaction for Playwize 
following the delisting of the Company from AIM. 
 
For further information: 
 
+----------------------------------------+----------------------------------------+ 
| Playwize plc                           | Tel: [phone]                  | 
+----------------------------------------+----------------------------------------+ 
| John Corre, Chairman                   |                                        | 
+----------------------------------------+----------------------------------------+ 
|                                        |                                        | 
+----------------------------------------+----------------------------------------+ 
| Allenby Capital Limited                | Tel: [phone]               | 
+----------------------------------------+----------------------------------------+ 
| Nick Athanas/James Reeve               |                                        | 
+----------------------------------------+----------------------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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