West 175 Media Group Inc
24 July 2003
West 175 Media Group Inc.
('West' or the 'Company')
West announces that the claim for unfair dismissal brought by an ex-employee of
West, Miss Jennifer Knight, which was referred to in the announcement dated 4
July 2003, was duly considered by the Employment Tribunal on 21 July 2003.
At an earlier preliminary hearing on 5 June 2003 the decision of the Tribunal
had been that there was jurisdiction to consider Miss Knight's complaint. The
Company continues to believe that Miss Knight's complaint falls outside the
jurisdiction of the Employment Tribunal.
The decision of the Employment Tribunal on 21 July fell into two parts. First,
the Tribunal decided that Miss J Knight was due to receive wages amounting to
£20,213, covering the disputed period between February 2002 and November 2002.
Secondly, the Tribunal judged that the dismissal had not been a breach of
contract: hence, the termination of employment was fair by reason of redundancy
and no award in respect of notice was applicable.
The Company now intends to lodge an appeal against the decision of the
preliminary hearing of 5 June which effectively determined the award of £20,213.
Offer to creditors
West announces that it has made an offer to all its outstanding trade creditors.
The offer is subject to the agreement of creditors and of existing loan stock
Under the terms of this offer, creditors can elect to receive either
• 20% of the amount due and payable in cash in full and final settlement of
all amounts due; or
• 50% of the amount due and payable in new shares of West and the other 50%
due and payable to be satisfied by the issue of unsecured redeemable two
year loan notes. The new shares will be allotted at 2p per share after
shareholders have approved a resolution to increase the share capital
The creditors largely consist of the Company's past and present advisers. On an
agreement being reached the Directors will undertake to raise the necessary
funding in order to secure the future for the Company and enable it to be used
as a quoted shell for the acquisition of a suitable business.
This information is provided by RNS
The company news service from the London Stock Exchange