We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Zamano | LSE:ZMNO | London | Ordinary Share | IE00B1G17W46 | ORD EUR0.001 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMZMNO
RNS Number : 7565G
Zamano PLC
06 March 2018
zamano plc
("zamano" or the "Company")
Update Regarding Return of Cash and Suspension of Trading on AIM and ESM
In its interim results announcement on 27 September 2017, the board of zamano confirmed that it had commenced the process required for the Company to be in a position to commence returning cash to shareholders and that such process was expected to take up to six months. That Board also announced that, whilst that process is ongoing, it would continue to examine possible investment opportunities provided that any material or significant investment opportunity will be conditional on Shareholder approval in due course. Both of these processes are ongoing as outlined below and the Board expects to be in a position to provide a detailed timetable for the return of cash to shareholders by 29 March 2018.
Update Regarding Return of Cash
Since 27 September 2017, the Board, in conjunction with the Company's legal, accounting and other advisers has continued the process of preparing the Company to be in a position to return the largest possible amount of cash to shareholders and to minimise the amount of cash, if any, that would be required to be retained to meet any unknown liabilities that could arise on a liquidation of the group.
Whilst this process has been ongoing the Board has also received a number of proposals regarding possible investment opportunities that would involve a retention of the Company's listing. The Board did not consider the majority of such approaches to be in the best interest of Shareholders; however, discussions are ongoing regarding certain proposals. These discussions remain at a relatively early stage and, as such, the Board is not yet in a position to determine if any of these proposals would be in the best interest of Shareholders and there is therefore no certainty that any transaction will be agreed.
In addition, as part of its ongoing discussions the Board has stipulated that any such transaction would need to be conditional upon the Company's shareholders being offered an opportunity to elect to receive a return of cash equivalent to the amount that would be returned in the event that the Company did not pursue the transaction.
Cash Position
In the circular to shareholders dated 13 August 2017 it was stated that zamano's net cash position after disposing of the Premium Rate SMS business would be approximately EUR5,582,000 which would be used in part to discharge the Company's existing Plc liabilities and transaction costs related to the disposal of approximately EUR282,000 resulting in retained cash following the disposal of approximately EUR5,300,000. Actual expenses relating to the disposal and the discharge of the plc's existing liabilities were approximately EUR350,000 and the Company had cash balances of approximately EUR5,232,000 at 30 September 2017. Since completion of the disposal the Board is continuing to operate the Company so as to ensure the lowest possible cash reduction whilst the return of cash is effected for Shareholders. The Company currently has ongoing operating costs of approximately EUR300,000 per annum relating to listing fees (including AIM Nomad and ESM Adviser fees), rent (until September 2018), directors fees, audit and other advisory fees (including certain legal costs); and the Company had cash balances of approximately EUR5,050,000 as at 31 January 2018.
Suspension of Trading on AIM and ESM
As previously announced, since completion of the disposal on 8 September 2017, the Company is classified as an AIM Rule 15 cash shell company under the AIM Rules and an investing company under the ESM Rules. The Company's investing policy, approved by Shareholders at the EGM on 30 August 2017, is to seek to invest in and or acquire companies with either strong existing profitability or significant growth potential, in, inter alia, manufacturing, service activities, or extractive industries/exploration; focusing on the UK and Ireland and the opportunity to work alongside a strong management team to maximise returns.
Since the Company will not have completed a reverse takeover transaction within a period of six months following completion of the disposal, the Company's shares will be suspended on both the AIM market of the London Stock Exchange and the ESM market of the Irish Stock Exchange. The suspension will take effect from 7.30am on 9 March 2018 and will continue until the Company publishes an admission document in relation to any such transaction. In the event that the Company's shares remain suspended from trading on AIM and the ESM for a period of six months, the admission of the Company's securities to trading on AIM and ESM will be cancelled.
2017 Preliminary Results
The Company expects to announce its preliminary results for the year ended 31 December 2017 by no later than 29 March 2018. At the same time as these results are announced the Board expects to be in a position to confirm a definitive timetable to Shareholders for a return of cash along with an update on the status of discussions regarding the potential transaction proposals.
zamano plc Colin Tucker, Interim Tel: + 353 1 488 Chairman 5820 Investec Corporate Finance Shane Lawlor Tel: + 353 1 421 0000 Cenkos Securities Derrick Lee/Neil Tel: + 44 (0) 131 McDonald 220 6939 MCOMM Communications Consultants Richard Moore Tel: +353 1 661 3788 Mob: +353 87 241 4751
This information is provided by RNS
The company news service from the London Stock Exchange
END
STRDMGGFNKKGRZM
(END) Dow Jones Newswires
March 06, 2018 02:00 ET (07:00 GMT)
1 Year Zamano Chart |
1 Month Zamano Chart |
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions