sorry chaps22 Jul 2013 15:43
Zattikka PLC Update
Print
Alert
TIDMZATT
RNS Number : 8598J
Zattikka PLC
22 July 2013
For immediate release 22 July 2013
ZATTIKKA PLC
('Zattikka' or the 'Company')
Update
Zattikka, the online games entertainment group, makes the following market update.
In its trading update released on 9 July 2013, the Company advised that certain loan note interest, in an amount of GBP0.275m (the "Interest Payment"), was at that time due to be paid. The Company has not yet made the payment and, as a result, has received a demand from the Hattrick loan note holders for payment of such amount by close of business on 2 August 2013 (the "Expiry Date"). In the event that the payment is not made by the Expiry Date, and without an agreement from the Hattrick loan note holders not to enforce their rights, the principal amount under the Hattrick loan notes (an amount of EUR6.4m) would become repayable in full within 2 business days of the Expiry Date. The directors of the Company have received advice that the Company should not make the Interest Payment at this time, as this may, should the Company enter into administration, constitute a preference under the Insolvency Act 1986.
Further, and again as announced on 9 July 2013, the Group has entered into negotiations with its loan note holders with a view to extinguishing a substantial proportion of the Group's liabilities. These negotiations have not yet resulted in a consensus outcome but they continue, and the Company will update the market on the result of these in due course.
Further announcements will be made as and when appropriate.
Sign In
Follow the stocks
