key parts - rns15 May 2009 10:26
As part of the reorganisation the French Court has required additional financial commitments from Creacorp to Nipson SAS, and Creacorp has committed to provide those funds. In addition, Creacorp has agreed to provide additional funding in the form of an interest-free, unsecured loan with no fixed repayment date to Nipson of EUR275,000, of which EUR75,000 has been paid.
The Board is now pleased to be able to announce that Nipson has agreed a restructuring plan with Creacorp, which the French Court will present to the creditors of Nipson SAS. Accordingly, Nipson anticipates that the Redressement Judiciaire procedure relating to Nipson SAS could be concluded within the timetable set by the Court, being at or shortly after the next scheduled meeting with the French Court on 23 June 2009, and that the Group could thereafter be able to resume its operations under the full control of the Board.
Buyback arrangement for outside shareholders
In order to provide some certainty for the shareholders of the Company, Creacorp NV has agreed to make an offer to acquire all of the actually existing pre-dilution shares, excluding any such shares not in public hands under the AIM Rules as at 1 April 2009 (i.e. excluding any shares held by Creacorp or over which Creacorp holds the voting rights, or held by any director of the Company). Also to be excluded are any shares that will be created in future capital increases or conversion transactions. The purchase price will be 1.25 pence per