From RNS24 Jul 2020 14:46
Solenta Aviation Holdings Limited ("SAHL") has indicated to the Company that it will only continue to provide the Company with financial support on condition that the Company's listing on AIM is cancelled. Any such future financial support from SAHL is likely to take the form of either further additional secured convertible loans to the Company or a capital fundraise by the issue of new Ordinary Shares. Without this support, and the passing of the Resolutions to be proposed at the General Meeting in the form set out below in this announcement, the Board believes that it will be very difficult for the Company to continue trading into the foreseeable future as a going concern. In light of the above, the Directors believe that it is important for the Shareholders to pass the Resolutions.
The Company therefore announces its intention to seek Shareholders' approval for the Cancellation. An explanatory circular will be posted to Shareholders today (the "Circular") setting out the background to and reasons for the Cancellation, the reasons why the Directors believe that this is in the best interests of the Company and its Shareholders as a whole and their recommendation to Shareholders to vote in favour of the Resolutions.