rns18 Sep 2009 16:41
The Board is trying to find acceptable long term solutions with Polar and Creacorp by next week, in order to secure the continuity and the solvency of Nipson. If the Board cannot find a solution with regard to the repayment of outstanding debts to Roseman, and with regard to the specific situation of Polar and Creacorp, the Board of Nipson needs to consider its position of going concern, and its solvency position. If necessary, all appropriate actions will have to be taken.
As communicated on 10 July 2009, the French Courts of Belfort signed the approval of the restructuring plan of Nipson SAS, 53 % subsidiary of Nipson ("Subsidiary"). This enabled the Subsidiary under certain restrictions to leave the "Redressement Judiciaire" administration procedure. The restructuring activities of the Subsidiary will be continued.
Takeover Code
Although the Company is incorporated in England, the place of central management of the Company is currently located outside of the UK, the Channel Islands and the Isle of Man because the main place of business is in France. Accordingly, the Company is one to which paragraph 3(a)(ii) of the Takeover Code does not apply, and the Panel has confirmed that the Company is not subject to the Takeover Code and shareholders will not be afforded any protection under the Code.