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Statement re Court Filing

12th Dec 2013 09:53

RNS Number : 3776V
RAM Active Media PLC
12 December 2013
 



 

 

 

RAM ACTIVE MEDIA PLC ("RAM" or the "Company")

 

Notice of intention to appoint administrator

Following the announcements made on 5 September, 21 October, 20 November and 21 November 2013 and the suspension of the Company's shares from trading on AIM and the subsequent divestment of its trading subsidiary RAM Vision, the board of RAM announces that it yesterday filed at court an intention to appoint an administrator (the "Filing").

The intention of the board is to use the protection provided by the Filing to negotiate a creditors voluntary agreement ("CVA"). The objective of a CVA would be to enable Creditors and Shareholders to recover some value by holding shares in an AIM quoted  company. The Directors have requested Trevor Binyon of Opus Restructuring LLP to advise the board in this process. Mr. Binyon has received several expressions of interest in financing the Company, subject to agreeing a CVA with its creditors. A CVA would eliminate the Company's indebtedness and liabilities and would be subject to approval by the creditors at a creditors meeting. 

If a CVA is not agreed and approved, the Directors believe that the Company will face an uncertain future as there are currently insufficient assets to repay the creditors. In this situation it is likely that ahead of a cancellation of listing on AIM, the outcome will be for the Company to be placed into liquidation and in such circumstances there are unlikely to be any returns to Shareholders.

For the avoidance of any doubt, a CVA would not result in any distribution being made to Shareholders.

Shares in the Company will continue to be suspended from trading on AIM until further notice.

 

RAM Active Media plc

 

David Binding (Chairman) 07866 809 109

 

Libertas Capital Corporate Finance Limited

 

Sandy Jamieson, Thilo Hoffmann 0207 569 9650

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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