Mobilewave Group PLC Update on Financing (4572K)
July 30 2013 - 5:18AM
UK Regulatory
TIDMMBW
RNS Number : 4572K
Mobilewave Group PLC
30 July 2013
30 July 2013
MobileWave Group PLC
("MobileWave" or the "Company")
Update on Financing
As previously announced, the Board has been working with its
advisors towards a successful completion of a transaction which, if
completed, would have led to new investment into the Company
providing much needed funding. Despite all its efforts and a high
degree of confidence that it would be able to secure this funding
by the end of July 2013, the Board no longer believes that this
transaction will complete in the requisite time scale and therefore
the Company will be unable to request the restoration of trading in
its ordinary shares and that cancellation of trading in the shares
on AIM will be forthcoming.
Throughout this period, the Board has continued to seek out all
possible funding arrangements to secure the future financial
position of the Company, but these have unfortunately not been
forthcoming.
As has been previously announced, the Board has aggressively
pursued the outstanding Devin Narang debt through both the UK and
Indian judicial systems. The Board remains committed to securing
this outstanding debt and will continue to pursue this and the
crucially important new investment as a private company.
The Board will consider implementing a private trading facility
to enable shareholders to continue to buy and sell shares after
trading on AIM has ceased. An update on the potential
implementation of a trading facility will be published on the
Company's website www.mobilewave in due course.
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
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