Mobilewave Group PLC Suspension from Trading on AIM (9974U)
January 07 2013 - 11:15AM
UK Regulatory
TIDMMBW
RNS Number : 9974U
Mobilewave Group PLC
07 January 2013
7 January 2013
MOBILEWAVE GROUP PLC
("MobileWave" or the "Company")
Suspension from trading on AIM
The Board announces that it has received a winding-up petition
from The Portman Estate Nominees (1) Limited and The Portman Estate
Nominees (2) Limited, being the landlord of 71 Gloucester Place,
London, W1 ("Property"). The winding-up petition relates to the
Company's failure to pay rent, interest, VAT and service charge in
the total sum of GBP69,009.98. A date for a hearing of the
winding-up petition has been set for 4 February 2013.
The Property had previously been assigned by the Company to
Freeplay Market Development Limited ("Freeplay") in connection with
the disposal of the Freeplay business in August 2008. However, as a
result of the subsequent insolvency and appointment of an
administrator over Freeplay the Company, as guarantor was obliged
to take back responsibility for the Property.
The delay in paying the landlord has arisen as a result of the
delay in completing the proposed investment by an Asian based
investor in the Convertible Preference Shares of the Company as
explained in the Chairman's statement concerning the announcement
of the Company's results for the period ended 28 February 2012.
Rory Stear, Chairman of the Company is meeting representative
from The Portman Estate Nominees (1) Limited and The Portman Estate
Nominees (2) Limited on Thursday 10 January 2013 to discuss the
winding-up petition.
The Board remains optimistic that the agreement with this
investor will be completed prior to the hearing date for the
winding-up petition. Completion of this investment will enable the
Company to discharge the outstanding amounts due to the landlord
which, in turn, will enable the withdrawal of the winding-up
petition. However, should the investor fail to complete its
investment before the hearing date, the Company will not be able to
discharge the outstanding amounts due to the landlord unless it is
able to raise funds elsewhere. If the Company is unable to raise
the requisite funds it is expected that the winding-up petition
will be granted by the court.
Consequently, in light of the uncertainty as to the timing and
final outcome of the discussions with the potential investor, the
Company has requested a suspension of trading of its securities on
AIM, pending confirmation of the financing.
A further update will be provided to shareholders as soon as
information becomes available.
For further information, please contact: MobileWave Group
plc.
Rory Stear, Chairman (rstear@mobilewave.com)
Charles Stanley Securities, nominated adviser and broker:
Dugald J Carlean / Carl Holmes 020 7149 6000
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCBRMFTMBMMBJJ
Mobilewave (LSE:MBW)
Historical Stock Chart
From May 2024 to Jun 2024
Mobilewave (LSE:MBW)
Historical Stock Chart
From Jun 2023 to Jun 2024
