03 November 2006
Wilshaw PLC (the 'Company')
Suspension of trading in Company's shares
3 November 2006
The Company announces that it has suspended trading in the Company's shares with
effect from 7.00am today, 3rd November, 2006.
An investment opportunity has been identified and the Company intends to
conclude heads of agreement by the end of the month when a further announcement
will be made.
With respect to on-going business, further to the announcement made on 31st
August, 2006 concerning the short term loan agreement with Mr Scot Young, the
board has been advised that the period for completion of the agreement signed by
the companies (and over which security was taken for the loan) has now been
extended to 17th November, 2006. Following completion of the agreement, it is
expected that the loan will be repaid in full (less the costs of recovery of
However, prior to the release of any of the net proceeds of sale following
completion, the consent of three parties is required who have obtained freezing
injunctions over Mr Young's assets. All parties have indicated that, subject to
certain conditions being satisfied, their consent is expected to be given. If
the consent of these parties is not forthcoming on a timely basis the Company
will, with other like-affected parties, need to seek an order of the Court to
release the net proceeds so that the loan can be repaid. The Company has taken
and continues to take legal advice on the matter to ensure its interests are
protected and to press for an early settlement and release of the funds. The
investment opportunity being considered above is not dependent on the repayment
of the loan.
The Company's annual general meeting was held today and the accounts for the
year ended 31st March 2006 were approved and no final dividend was declared.
Tel: 07768 455 773
This information is provided by RNS
The company news service from the London Stock Exchange