Bagir Group Ltd Appointment of Liquidator (2264N)
May 18 2020 - 7:10AM
UK Regulatory
TIDMBAGR
RNS Number : 2264N
Bagir Group Ltd
18 May 2020
18 May 2020
Bagir Group Ltd.
("Bagir", the "Group" or the "Company")
Appointment of Liquidator
Board Members' Resignation
Announcement by Nominated Adviser and Broker of its
Resignation
Bagir (AIM: BAGR), a designer, creator and provider of
innovative tailoring, provides an update further to its
announcements on 14 and 22 April 2020.
According to the instructions of the District Court of Beer
Sheva, Israel, (the "Court"), the initial trustees have undertaken
a careful assessment of the Company's options and have submitted
their preliminary opinion to the Court. Their recommendations, in
light of the state of the Company and the Covid-19 pandemic and its
effects, is that the Company should be liquidated under the Court's
supervision, its ongoing operations be restricted to the collection
of debts and ad hoc transactions of finished products and products
in its inventory and that the Company and/or its assets and/or
activities, be sold in part or in full, through a public
tender.
The Court accepted the trustees' recommendations and resolved to
place the Company into liquidation, appointing Ilan Shavit-Stricks
Adv, Head of Firm and Senior Partner of Haim Zadok & Co,
Tel-Aviv, Israel, as sole liquidator, to manage the Company's
liquidation (the "Liquidator") and granting him powers and
authorities, inter alia, to publish a public tender for the
submission of proposals for the sale of the Company and/or its
assets and/or activities, in part or in full. Through the exercise
of such power and authority, the Liquidator published said public
tender on May 14, 2020.
On May 14, 2020, following the Court's liquidation order, Micha
Rohen, CEO and Dotan Levy, CFO, Samuel Vlodinger, Esti Maoz, Marc
Zalcman, Non-Executive Directors, and Tessa Laws, Chairperson,
announced their resignation from the Board with immediate
effect.
In light of the above-mentioned circumstances, N+1 Singer has
informed the Liquidator that it resigned as Nominated Adviser and
Broker to the Company with immediate effect. Pursuant to AIM Rule
1, if a replacement Nominated Adviser is not appointed within one
month, the admission of the Company's securities will be cancelled
on AIM.
The Liquidator acknowledges that the Company's ordinary shares
remain suspended from trading on AIM.
For further information, please contact:
Ilan Shavit-Stricks, Adv.in his capacity as the Liquidator of the Company +972 3 625 4000
N+1 Singer
Mark Taylor
James Moat +44 (0) 20 7496 3000
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END
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