11th Feb 2009 07:30
Interactive Prospect Targeting Holdings Plc
("IPH" or "the Group")
Statement Regarding Suspension
Interactive Prospect Targeting Holdings Plc (AIM:IPH) today announces the departure from the Group board, effective today, of Stephane Zittoun and suspension of trading of its shares on AIM.
Since the Group's announcement of 29 September 2008, IPH has been working to restructure its activities. This has resulted in disposal of the Company's UK activities, as announced on 29 September and 11 November 2008, and the restructuring of the management and earn-out arrangements with one of its French subsidiaries, Directinet SA ("Directinet"), as announced on 17 November 2008. The Company has been negotiating with the original vendors of its other French business, NP6 SAS ("NP6"), in order to allow the Company to meet any earn-out obligations it may have in relation to the acquisition of NP6 within the financial constraints currently imposed on the Company.
Negotiations with the vendors of NP6 continue but have not, so far, been productive. The vendors have launched a legal action in France against the intermediate holding company Direct Excellence Limited ("DEL") which, until it is resolved, leaves the board of IPH uncertain as to its future. The claim of the vendors is against DEL and the trading of the French subsidiaries is not affected by such litigation.
Given this uncertainty, the Board has requested a suspension of trading of the Company's shares on AIM pending the clarification of the Company's financial position. A further announcement will be made in due course as appropriate.
11 February 2009
For further information:
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Canaccord Adams |
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Eli Colby/Mark Williams, Nominated Adviser |
Tel: +44 (0) 20 7050 6500 |
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www.canaccordadams.com |
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Media enquiries: |
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College Hill |
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Mark Garraway |
Tel: +44 (0) 20 7457 2020 |
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