Strategic Review Update and S

RNS Number : 3511K

Timestrip PLC

19 April 2010

 

Timestrip plc

("Timestrip" or the "Company")

Strategic Review Update and Suspension

Further to the announcement of 18 March 2010, the Company remains constrained by lack of working capital and has been unable to get sufficient investor support to fund the business. Accordingly, the Company has requested an immediate suspension in the trading of the Company's shares on AIM.

The Company is considering a potential offer from several existing shareholders who have expressed an interest in making an offer for the shares of the two operating subsidiaries with a view to continuing to operate them as going concerns. The joint CEOs, Paul Freedman and Reuben Isbitsky, have been approached to continue managing those businesses. Although it is anticipated that the potential offer would enable some money to be returned to shareholders, it is likely to be a nominal amount.

A transaction such as outlined above would result in a fundamental change of business pursuant to AIM Rule 15 and would also be a related party transaction in accordance with the AIM Rules. In the event the proposed transaction proceeds, it is envisaged that a circular would be posted to shareholders by later this month and a General Meeting held to allow shareholders to vote on the proposed disposal.

A further announcement will be made in due course.

For more information please contact:

Timestrip plc

Paul Freedman, Joint CEO                                                                  01462 440700

Jonathan Steinberg, Non-Executive Director

Geoff Nash / Ed Frisby, FinnCap, NOMAD                                        020 7600 1658

 

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