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Name | Symbol | Market | Type |
---|---|---|---|
Ubs Etc Livst G | LSE:LIVP | London | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.38 | 0.48% | 80.245 | 80.04 | 80.45 | 0 | 16:35:05 |
10 October 2008 GB00B1G49D82/GBP/PLUS-exn Livewave Media plc Trading Update The Board of Livewave Media plc ("Livewave" or the "Company") today issues the following update on trading: The Board has been working at raising capital for the Company for the last three months to fund the expansion of its operating subsidiary Wavefinder Ltd ("Wavefinder")and to cover the costs of making an acquisition. It has not been able to raise sufficient capital to cover the costs of both activities and the Board has therefore decided to take the following action. 1. Negotiate a management buy-out of Wavefinder. Upon completion, this will involve the cancellation of the 1,875,000 shares issued on the acquisition of Wavefinder and the 1,500,000 warrants exercisable at 20p per share. Wavefinder will pay the Company an additional £35,000 payable on the closing of the transaction which will be used to pay Livewave's creditors. The issued share capital of Livewave would then be 6,500,000 2. The Company is in negotiations which might lead to a possible reverse take-over of the Company. The Directors look forward to updating shareholders as soon as more news becomes available. The shares in Livewave will remain suspended pending the outcome of the negotiations. The Board believes that the above action is in the best interests of shareholders given the reluctance of investors in small capitalised companies in the current financial climate. If successful, the Directors believe that the action will result in Livewave becoming a profitable company with a positive cash flow. The Directors of the Issuer accept responsibility for the announcement. Contact Gary Smith Livewave Media plc 02078513800 Duncan Vasey St Helen's Capital 02076285582 Livewave Media plc
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