Travelzest plc Company Voluntary Arrangement (2436Y)

TIDMTVZ

RNS Number : 2436Y

Travelzest plc

22 January 2014

Travelzest PLC

("Travelzest" or the "Company")

Company Voluntary Arrangement and Resignation of Adviser

Further to the announcement on 20 December 2013, the Joint Administrators can now confirm that it will not be possible to achieve an exit from administration via a Company Voluntary Arrangement ("CVA").

For the CVA and associated issue of share capital to have taken place it required 75% of existing shareholders to vote in favour. A group of shareholders which claims to represent 28% of the Company's shareholding advised that it intended to oppose the rescue of the Company via a CVA.

As such, the parties considering funding the rescue, which would have resulted in a small dividend to unsecured creditors and a diluted but tradeable shareholding for existing shareholders, have withdrawn their offer on the basis that the necessary favourable vote would likely not be achieved.

As a result, there will now be no return to creditors and the Joint Administrators advise that they intend to exit the administration via a dissolution of the Company once they have fulfilled their statutory duties.

Resignation of Nominated Adviser

The Joint Administrators further confirm the resignation of the Company's nominated adviser, Sanlam Securities UK Limited, with immediate effect. If, within one month of today's date, the Company has failed to appoint a replacement nominated adviser, the admission of its AIM securities will be cancelled. The Joint Administrators do not intend to appoint a replacement nominated adviser.

Enquiries:

 
 Grant Thornton UK LLP 
                                                       +44 (0)20 7383 
 Ian Corfield/David Dunckley (Joint Administrators)     5100 
 
 Sanlam Securities UK Limited (Nominated               +44 (0)20 7628 
  Adviser and Broker)                                   2200 
 Simon Clements / Virginia Bull

This information is provided by RNS

The company news service from the London Stock Exchange

END

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