5th Jun 2018 11:57
5 June 2018
SerVision plc
("SerVision" or the "Company")
Update re. proposed sale of SerVision Limited and suspension
Further to the announcement released by the Company on 24 May 2018, the Company announces that the Jerusalem Court has set the date of 10 June to hear the Trustees' proposal for the disposal of SerVision Limited, the Company's main operating subsidiary, to a third party. The Trustees have already secured the approval of the creditors of SerVision Limited for their proposal and the disposal is expected to occur before the end of June 2018.
With the Company ranking behind both the secured creditors and other general creditors, the Directors of the Company continue to be of the view that it is extremely unlikely that any value will be returned to the Company from its debts and shareholding in SerVision Limited.
The Company's ordinary shares remain suspended from trading on AIM.
Further updates will be provided by the Company at the appropriate time.
Certain terms used in this announcement shall have the same meaning as the definitions in the Company's announcement released on 18 April 2018.
-ends-
For further information:
SerVision plc |
|
Eitan Yanuv (Finance Director) Antony Legge (Non-Executive Director)
| +44 (0)20 3328 5656 |
Allenby Capital Limited (Nominated Adviser and Broker) | +44 (0)20 3328 5656 |
Nick Athanas John Depasquale |
|
Leander PR (Financial PR) |
|
Christian Taylor-Wilkinson | +44 (0)7795 168 157 |
Related Shares:
Servision PLC