5th Sep 2008 15:50
TV COMMERCE HOLDINGS PLC (THE "COMPANY")
STATEMENT RE SUSPENSION
AND
TRADING UPDATE
On 26 June 2008, the Company's shares were suspended from trading on AIM pursuant to AIM Rule 19 as it was unable to publish and send its annual audited accounts to shareholders within 6 months of its year end.
The report and accounts for the year ended 31 December 2007 are being posted to shareholders today and the Company has also today released its financial results for the year ended 31 December 2007.
The Company's shares remain suspended pending clarification of the Company's financial position. The suspension will continue until the Company completes a fundraising or an acquisition which constitutes a reverse takeover (as defined by the AIM Rules).
TRADING UPDATE
Following the return of capital to Shareholders on the 17 March 2008, the Company receives limited financial support from a substantial shareholder to meet a shortfall against present requirements, however, the Directors are not satisfied the Company can continue to meet its liabilities when they fall due and are carrying out a more detailed investigation to determine the Company's financial position. In the absence of alternative sources of finance the Company may not be able to continue to operate.
The Company is currently in discussions with its major shareholders and other providers of finance with a view to a fundraising which, if successful, would involve the publication of a circular convening a general meeting to seek the approval of shareholders for a capital reorganisation and a fundraising.
A further announcement will be made in due course.
For further information contact:
|
Vince Stanzione, CEO |
TV Commerce Holdings plc |
Tel: 013 4484 5000 |
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|
David Newton, Nominated Adviser |
Dowgate Capital Advisers Ltd |
Tel: 020 7492 4777 |
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|
Neil Badger, Broker |
Dowgate Capital Stockbrokers Ltd |
Tel: 012 9351 7744 |
Related Shares:
EDL.L