Corporate action3 Jul 2009 22:13
Hi. Dont know if this helps but the last corporate action i received was on the 24th June. Below is it pasted. ATB OP
The Board is proposing to place the Company into a Company Voluntary Arrangement (CVA).
The Proposal is subject to creditor approval at a Meeting to be held on 7th July 2009.
Ian Robert of Kingston Smith & Partners PLC has been appointed as Nominee in relation to the proposed CVA for the purpose of supervising its implementation.
Mr Robert believes that the Proposal provides a reasonable and practical alternative to liquidation. Should liquidation , both shareholders and creditors would be unlikely to recover any funds as a result. Furthermore, any intellectual property held under YourDay Inc, a subsidiary business of the Company, would be lost through liquidation.
The Proposal will allow the Company time to raise sufficient funds to enable the Company to develop its operation and make the necessary strategic investment to retain shareholder value.
Should creditors reject the Proposal at the Meeting, it is inevitable that a creditor will petition for the compulsory winding up of the Company.
We will update you in due course upon receipt of any further information from the Company.