TIME Time Finance Plc

 

TIDMTIME 
 
RNS Number : 3511K 
Timestrip PLC 
19 April 2010 
 
                                  Timestrip plc 
                         ("Timestrip" or the "Company") 
 
                     Strategic Review Update and Suspension 
 
 
Further to the announcement of 18 March 2010, the Company remains constrained by 
lack of working capital and has been unable to get sufficient investor support 
to fund the business. Accordingly, the Company has requested an immediate 
suspension in the trading of the Company's shares on AIM. 
 
The Company is considering a potential offer from several existing shareholders 
who have expressed an interest in making an offer for the shares of the two 
operating subsidiaries with a view to continuing to operate them as going 
concerns. The joint CEOs, Paul Freedman and Reuben Isbitsky, have been 
approached to continue managing those businesses. Although it is anticipated 
that the potential offer would enable some money to be returned to shareholders, 
it is likely to be a nominal amount. 
 
A transaction such as outlined above would result in a fundamental change of 
business pursuant to AIM Rule 15 and would also be a related party transaction 
in accordance with the AIM Rules. In the event the proposed transaction 
proceeds, it is envisaged that a circular would be posted to shareholders by 
later this month and a General Meeting held to allow shareholders to vote on the 
proposed disposal. 
 
A further announcement will be made in due course. 
 
 
For more information please contact: 
 
Timestrip plc 
 
Paul Freedman, Joint CEO 
         01462 440700 
Jonathan Steinberg, Non-Executive Director 
 
Geoff Nash / Ed Frisby, FinnCap, NOMAD 
020 7600 1658 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 SRSUNOVRRUASAAR 
 

Time Finance (LSE:TIME)
Historical Stock Chart
From Jun 2024 to Jul 2024

Time Finance (LSE:TIME)
Historical Stock Chart
From Jul 2023 to Jul 2024