SerVision plc Update re suspension and Court hearing (9657I)

TIDMSEV

RNS Number : 9657I

SerVision plc

26 March 2018

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

26 March 2018

SerVision plc

("SerVision" or the "Company")

Update on the Court hearing in respect of potential administration of SerVision Limited

Update re suspension

Further to the announcements on 20 February 2018, 13 March 2018 and 19 March 2018, the Company announces that on 22 March 2018 an agreement was reached on the appointment of the trustees to oversee the process in the Jerusalem District Court in Israel (the "Court") in connection with the petition to seek creditor protection for SerVision Limited, the Company's main operating subsidiary, and the freeze order was granted by the Court.

At the same time SerVision plc has received an expression of interest from a third party to acquire SerVision Limited however the Company was unable to present this expression of interest to the Court. The Company yesterday petitioned the Court to rescind the freeze order and allow the Company to pursue this expression of interest and the possible disposal of SerVision Limited on the grounds that the Board believes it represents a better outcome for creditors of SerVision Limited, including the Company.

The Company is currently waiting for the Court to set a date for the hearing at which this petition can be considered.

The Directors of the Company continue to be of the view that not much value, if any, will be returned from its debts and shareholding in SerVision Limited.

At this stage the Board continues to seek a solution for the benefit of creditors and shareholders and the Company is working closely with its advisers (including an insolvency practitioner) in this regard.

The Company's ordinary shares remain suspended from trading on AIM.

Further updates will be provided by the Company at the appropriate time.

-ends-

For further information:

 
SerVision plc 
Eitan Yanuv (Finance Director)                          [phone] 
 Antony Legge (Non-Executive Director)                   5656 
Allenby Capital Limited (Nominated                      [phone] 
 Adviser and Broker)                                              5656 
Nick Athanas / John Depasquale 
 
 
Leander PR (Financial PR) 
                             [phone] 
Christian Taylor-Wilkinson               157 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

UPDUNASRWWAOUAR

(END) Dow Jones Newswires

March 26, 2018 10:21 ET (14:21 GMT)