SerVision To Get Nothing From Subsidiary Sale Following Court Approval

LONDON (Alliance News) - SerVision PLC on Thursday confirmed the a court in Jerusalem has approved the sale proposal of subsidiary SerVision Ltd to ADI Systems Ltd for approximately GBP1.5 million.

The company said a formal agreement for the sale is expected to be finalised by the end of June.

Due to the fact SerVision owes more to creditors than the proposed sale price, and that it ranks behind these creditors, the company is going to get nothing for the sale.

ADI Systems imports smart products for the Israeli car market, and is based in Rishon Letzion.

Shares in the company remain suspended after SerVision failed to secure funding in mid-February.