TIDMMPS 
 
RNS Number : 2864N 
Minorplanet Systems PLC 
08 June 2010 
 
 
8 June 2010 
 
 
            Minorplanet Systems plc ("Minorplanet" or the "Company") 
 
                              Suspension of Trading 
 
 
Further to the announcement earlier today that the Board of Minorplanet had 
requested the suspension of trading in its shares, the Company announces further 
details as follows. 
 
The Company and MPS 2010 Limited ("MPS 2010") have both received demand notices 
from DigiCore International Holdings BV ("DigiCore") for repayment of the 
GBP3.0m loan made recently to MPS 2010, the terms of which were set out in the 
announcement of 14 May 2010.  The demand notices cited an event of default under 
the related loan agreement arising from a winding up petition being issued by 
RBS Invoice Finance Limited, on behalf of Assembly Contracts Limited, against 
the Company for a debt of GBP0.3m. The possible execution of the winding up 
petition was referred to in the Company's Interim Results Announcement issued on 
28 May 2010. 
 
The demand notices were followed immediately by an enforcement notice issued to 
the Company which, inter alia, involves the exercise of DigiCore's security 
rights and results in the entire issued share capital of MPS 2010 being owned by 
DigiCore. 
 
The Board is seeking to address the winding up petition, which is due to be 
heard by the courts on 30 June 2010, and is considering the implications of the 
enforcement notice on the financial position of the Company. 
 
The Board continues to work with DigiCore in order to seek to deliver the wider 
commercial benefits envisaged from the transaction announced on 14 May 2010. 
 
Further announcements will be made in due course. 
 
 
For further information, please contact: 
 
+--------------------+----------------------------------+ 
| Minorplanet        |               Tel: 0113 346 7777 | 
| Systems plc        |                                  | 
+--------------------+----------------------------------+ 
| Terry Donovan,     |    terry.donovan@minorplanet.com | 
| Chief Executive    |                                  | 
+--------------------+----------------------------------+ 
| Richard Hopkin,    |   richard.hopkin@minorplanet.com | 
| Finance Director   |                                  | 
+--------------------+----------------------------------+ 
|                    |              www.minorplanet.com | 
+--------------------+----------------------------------+ 
|                    |                                  | 
+--------------------+----------------------------------+ 
| Shore Capital &    |               Tel: 020 7408 4090 | 
| Corporate Ltd      |                                  | 
+--------------------+----------------------------------+ 
| Anita Ghanekar     |                                  | 
+--------------------+----------------------------------+ 
| Edward Mansfield   |                                  | 
+--------------------+----------------------------------+ 
|                    |                                  | 
+--------------------+----------------------------------+ 
| Rawlings Financial |               Tel: 01653 618 016 | 
| PR Limited         |                                  | 
+--------------------+----------------------------------+ 
| Catriona Valentine | catriona@rawlingsfinancial.co.uk | 
+--------------------+----------------------------------+ 
|                    |      www.rawlingsfinancial.co.uk | 
+--------------------+----------------------------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 SRSUGUAPQUPUGMR
Minorplanet Systems (LSE:MPS)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Minorplanet Systems Charts.
Minorplanet Systems (LSE:MPS)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Minorplanet Systems Charts.