SEV Servision

TIDMSEV

RNS Number : 4070F

SerVision plc

20 February 2018

The information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

20 February 2018

SerVision plc

("SerVision" or the "Company")

Suspension of Trading

As announced on 13 February 2018, the Company was required to raise further finance in the near term or face having to convert some of the existing debt into equity. Unfortunately, the positive conversations regarding a loan and equity investment that were ongoing at that time have not yet concluded. The Company was not able to convert some of the existing debt into equity as the conversion price is below the nominal value of the Company's shares and therefore a shareholder meeting would be required to approve a capital reorganisation and also due to the Company's financial position, it would not be in the best interests of the creditor. Whilst those and other conversations are continuing as the Board takes advice on the options available to the Company, there is currently no immediate prospect of any new capital.

Since the Company is currently in default on at least one of its loans and any refinancing will take some time and will require the agreement of the Company's lenders, the Company has requested an immediate suspension to the trading on AIM of its shares pending clarification of its financial position.

Further updates will be provided by the Company at the appropriate time.

-ends-

For further information:

 
SerVision plc                        +972 2535 0000 
Gidon Tahan, Chairman and CEO 
Allenby Capital Limited (Nominated   +44 (0)20 3328 
 Adviser and Broker)                           5656 
Nick Athanas / John Depasquale 
 
 
Leander PR (Financial PR) 
                             +44 (0)7795 168 
Christian Taylor-Wilkinson               157 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

SRSLLFIFFRIIFIT

(END) Dow Jones Newswires

February 20, 2018 07:08 ET (12:08 GMT)

Servision (LSE:SEV)
Historical Stock Chart
From Apr 2024 to May 2024

Servision (LSE:SEV)
Historical Stock Chart
From May 2023 to May 2024