Statement re. Suspension

 

TIDMPLW 
 
RNS Number : 7304C 
Playwize PLC 
19 November 2009 
 

19 November 2009 
 
 
Playwize Plc 
("Playwize" or the "Company") 
 
 
Statement re suspension 
 
 
Trading update 
 
 
 
 
The Board of the Company announces that, pursuant to Rule 15 of the AIM Rules 
for Companies (the "AIM Rules"), the Company's ordinary shares will be suspended 
from trading on AIM with effect from 7.00 a.m. today as the Company has been 
unable to implement its investing strategy by 19 November 2009,  this being the 
anniversary of the Extraordinary General Meeting of the Company at which 
shareholders gave consent to the Company's investing strategy. 
 
 
As previously reported the Company has been actively seeking acquisition targets 
and the Board of the Company is pleased to announce that it has signed 
non-binding heads of terms for the acquisition of a business in accordance with 
its investing strategy. The proposed acquisition would be classified as a 
reverse takeover under the AIM Rules and accordingly the acquisition would be 
subject to approval by shareholders of the Company. The consideration for the 
proposed acquisition is intended to be satisfied by the issue of new ordinary 
shares in Playwize and a small sum in cash. 
 
 
Whilst heads of terms have been agreed, the proposed acquisition is subject to a 
number of conditions including, inter alia, satisfactory completion of due 
diligence and the approval by shareholders of Playwize for a resolution to waive 
the obligation which would otherwise arise under Rule 9 of the Takeover Code. 
There can be no certainty that any such transaction will be concluded or as to 
the terms on which any such acquisition may be made. 
 
 
Under Rule 41 of the AIM Rules, Playwize has until 19 May 2010 to complete an 
acquisition or investment that constitutes a reverse takeover under the AIM 
Rules in line with the Company's previously announced investment strategy. In 
the event that such an acquisition has not been made by the Company by 19 May 
2010 trading in the Company's shares on AIM will be cancelled. 
 
 
A further announcement will be made as and when appropriate. 
 
 
For further information please contact: 
 
 
+------------------------------------------+-----------------------------------+ 
| 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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