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Statement re. Suspension

16th Jul 2013 14:15

RNS Number : 4486J
Avia Health Informatics PLC
16 July 2013
 



 

 

Avia Health Informatics Plc

("Avia" or "the Company")

 

Statement re suspension

 

Further to the announcement made by the Company on 25 June 2013, the Directors of Avia confirm that, in the absence of any other viable funding alternatives, the Company has entered into a heads of agreement with a third party for that third party to make a capital injection into the Company (the "Heads of Agreement"). Entry into the Heads of Agreement gives the third party a limited period of exclusivity to, inter alia, complete its due diligence on the Company.

 

The Heads of Agreement envisages the existing operating business of the Company being de-merged into a private entity, with existing Avia shareholders receiving shares in the private entity on a pro-rata basis. It is likely that such a transaction would be subject to the approval of Avia shareholders.

 

The Directors consider that the arrangements envisaged by the Heads of Agreement represent the most likely way at present for Avia shareholders to retain some value and potential for capital appreciation.

 

There can be no certainty that the arrangements set out in the Heads of Agreement will be entered into or complete and, in that situation, unless an alternative source of capital can be found, it is likely that the Company, or its principal creditors, will seek the appointment of an administrator.

 

Further announcements will be made as and when appropriate.

 

Enquiries:

 

Avia Health Informatics Plc

+44 (0) 1494 618 503

Jeremy Dale, Chief Executive

Tim Morris, Managing Director

 

Allenby Capital (Nominated Adviser and Broker)

+44 (0) 20 3328 5656

Nick Naylor

Mark Connelly

 

 

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