Voss Net PLC
10 October 2003
Voss Net plc
Re Agreement and Proposed CVA
Voss Net plc has entered into an agreement with Mr Jeremy Gilbert, Great
Monument Capital Limited ('Great Monument'), Mr Nigel Weller and Mr Leo Knifton
pursuant to which Great Monument will provide funds to effect a CVA of Voss Net
and its subsidiary companies, to complete the audit of the Company's accounts
for 2002 and to obtain a resumption of trading of Voss Net's shares on AIM.
Great Monument will also provide a loan of £25,000 to be used to settle a
compromise agreement between the Company and Mr Jeremy Gilbert for loss of
office. The loan will be convertible into 2,500,000 shares of 1p each. A further
loan of up to £20,000 may be made by Great Monument to settle other liabilities
of the Company which would be convertible on the same basis.
Immediately on approval of the proposed CVA by the Company's creditors, Messrs
Knifton and Weller will be appointed as Directors of the Company along with Mr
Gilbert and Mr O'Connell.
In consideration of the assistance of Great Monument in effecting the CVA, Voss
Net shall issue such number of new Voss Net shares to a company controlled by
Messrs Knifton and Weller as will equal, when aggregated with the shares arising
on conversion of the loans, 29.9% of the then issued share capital of Voss Net
Jeremy Gilbert will, following a successful CVA, use his reasonable endeavours
to recover the debt due to Voss Net Training Limited by City & Islington
College, in consideration for which he will be permitted to retain 50% of any
monies so recovered. Part payment has been made of the outstanding debt to the
group's factoring company, but this is unlikely to result in any cash being
received by the Company.
It is expected that the outcome of the CVA will be determined in approximately 4
weeks at which time a further announcement will be made.
This information is provided by RNS
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