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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Venue Sol | LSE:VSH | London | Ordinary Share | GB00B0T4GP95 | ORD 2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.525 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMVSH RNS Number : 3286U Venue Solutions Holdings PLC 23 June 2009 ? VENUE SOLUTIONS HOLDINGS PLC (the "Company" or VSH) Corporate Restructuring On 8 May 2009 the Company announced that it had applied for its shares to be temporarily suspended from trading on AIM pending the announcement of its financial results for the year ended 30 November 2008. In that announcement the Company also referred to its board of directors considering restructuring proposals. Those proposals have now been finalised and the Company is pleased to announce the details of them. In addition, the Company is able to update shareholders regarding the position of its US subsidiary, YourDay Inc. and a positive result having been obtained in the US Court dissolving the YourDay Inc receivership. Restructuring and Company Voluntary Arrangement Proposals were despatched on Friday 19 June 2009 to creditors of the Company in relation to a proposed company voluntary arrangement of VSH containing proposals to the Company's creditors in full and final satisfaction of the creditors' debts. A summary of the principal elements of the proposals is as follows: ? the Company intends to raise not less than GBP200,000 through the issue of new ordinaryshares to rank pari passu in all respects with the
existing ordinary shares in issue; ?GBP110,000 of the proceeds of the fundraising will be applied towards VSH's indebtedness asto 16½p in the GBP1 in full and final satisfaction
of those debts; ? the balance of the funds to be applied towards paying the costs associated with the companyvoluntary arrangement and to provide working
capital for the Company to enable it toinvestigate appropriate
acquisition, business and trading opportunities. Details of the proposals were despatched to the Company's shareholders yesterday, Monday 22 June 2009. The contents of the letter to shareholders in relation to the CVA proposals and a copy of the proposals themselves are available for access, free of charge, from the Company's website at www.venuesolutionsplc.com The meetings of creditors and of shareholders in respect of the company voluntary arrangements have been convened for 7 July 2009. A number of significant creditors holding what the directors believe to be in excess of 75% in value of the Company's indebtedness have indicated to the Company their support for the CVA proposals and their intention to vote in favour of them at the creditors' meeting. The Company also announces that it has been in discussions with HMRC regarding certain amounts of money which HMRC has claimed is due from the Company. HMRC had petitioned the Court for a winding up order to be made against the Company and the Company, which was represented by counsel, has successfully won an application (which was not opposed by HMRC) for the adjournment of the winding up hearing until 15 July 2009 by which time the Company expects the company voluntary arrangement to have been approved by creditors and shareholders such that the application for a winding up order would fall away and cease to have any effect. Full Dissolution of Receivership of YourDay Inc. On 22 April 2009 the Company announced that it had become aware that the Essex Superior Court for the Commonwealth of Massachusetts had issued an order appointing a receiver over Yourday Inc. The Company believed the imposition of the receivership to have been entirely without foundation and unmeritorious and fully expected the receivership to be lifted when the Court was apprised of the relevant facts. The Company is pleased to announce that on 4 June 2009 the Court ordered, on application by YourDay Inc. against the petitioners of the receivership, that the receivership which was previously ordered by the Court be dissolved. The terms of the order granted by the Court dissolving the receivership also provided that the patents held or pending in the name of YourDay Inc are not to be sold, licensed, dissipated or encumbered by any party or its agent until further order of the Court or by the written agreement of the parties. In the light of this lifting of the receivership the Company will update shareholders in early course in relation to its interests in YourDay Inc and VSH's plans to seek to ensure that YourDay Inc is put into a position to be able to contribute to VSH shareholder value. This information is provided by RNS The company news service from the London Stock Exchange END MSCSESSWDSUSEEM
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