Itsarm PLC - formerly In The Style Group PLC, a cash shell since March after selling its only operating subsidiary In The Style Fashion Ltd - Announces that board enters into various conditional agreements comprising a proposal that gives the company a viable alternative to the proposed compulsory liquidation announced in June. The proposal allows Itsarm to continue as a solvent company if the winding-up proposal is withdrawn or dismissed at a court hearing on Wednesday, or by no later than July 31.
Itsarm announces that David Craven and Jean-Paul Rohan are appointed to the board of directors with effect from the withdrawal, and that Directors James Sharp and Richard Monaghan will resign immediately following the appointment of the proposed directors. The proposal significantly reduces the company's liabilities, contingent liabilities and ongoing costs resulting in the company becoming solvent in the view of the current directors.
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By Will Neill, Alliance News reporter
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