Re: Niche Group (NGP)24 Jan 2013 09:57
As far as I can see they went into a CVA (Corporate Voluntary Arrangement) in December. I think this allows them to continue to trade.
This was wasted on iii...
"Dear Shareholder,
As stated in the update note following the shareholder meeting on 17th October and in the Shareholder update note of 22nd November, both of which have been posted to the Company website, in order to continue trading and to avoid any creditor putting the company into administration, the Company issued a proposal to its creditors (known as a Corporate Voluntary Arrangement or ‘CVA’) whereby creditors have been asked to accept 33.22% in settlement of their debt with the balance to be paid out of a successful fund raise of at least $5M.
In order for the CVA to be passed, at least 75% of creditors voting must vote in favour of the proposal. To date, we have 100% of those voting have accepted the proposal.
Part of the CVA procedure is to notify shareholders that we are proposing to enter into the CVA. We have sufficient shareholder proxies in favour of the Chairman from shareholders to give effect to the CVA, so there is no need for you to send in your proxies unless you wish to do so."