Appointment of Administrators
August 20 2003 - 3:01AM
UK Regulatory
RNS Number:8563O
Vocalis Group PLC
20 August 2003
Vocalis Group plc ("Vocalis" or the "Group")
Appointment of administrators and sale of Vocalis Limited
Further to the announcement on 15 August 2003 that the Board of Vocalis was in
exclusive discussions regarding the potential sale of Vocalis Limited (the
Group's principal trading subsidiary) to Netdecisions Holdings Limited, on 19
August 2003 the Directors of Vocalis requested the High Court to grant an
administration order for Vocalis Group plc. This request has been granted and Mr
Paul Davis and Mr Timothy Dolder, both of Begbies Traynor, have been appointed
administrators of Vocalis Group plc.
At the same time, following discussions with the Directors, Messrs Davis and
Dolder and Netdecisions Holdings Limited, agreement has been reached for the
acquisition of Vocalis Limited by Netprofessions Limited, a subsidiary of
Netdecisions Holdings Limited, for a consideration of #1, together with the
assignment of the Group's inter-company loan to Vocalis Limited. This, together
with the assumption of certain liabilities of Vocalis Group plc, has resulted in
Vocalis Group receiving an aggregate value of approximately #510,000 from the
transaction.
Vocalis shareholders will be informed in due course of the amount of the return
(if any) to them in respect of their shareholding in Vocalis Group plc.
In addition, it is announced that Paul Wright has entered into a compromise
agreement regarding the termination of his employment by Vocalis. Accordingly,
both Paul Wright and Richard Watrasiewicz, who has also resigned from the board,
are no longer directors of Vocalis Group plc.
20 August 2003
This information is provided by RNS
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