22 Apr 2020 07:00
22 April 2020
Bagir Group Ltd.
("Bagir", the "Group" or the "Company")
Appointment of Court Trustees
Bagir (AIM: BAGR), a designer, creator and provider of innovative tailoring, provides a further update in relation to its announcement on 14 April 2020 in connection with its application to the District Court in Beer-Sheva, Israel (the "Court") for an order in accordance with Section 18 of The Insolvency and Economic Rehabilitation Law 2018.
The Court has accepted the Company's application under Section 18 of The Insolvency and Economic Rehabilitation Law 2018 and has appointed Micha Rohen, Chief Executive Officer and Ilan Shavit-Stricks Adv, Head of Firm and Senior Partner of Haim Zadok & Co as trustees (the "Trustees").
The Trustees will undertake an assessment of the options available to the Group, including the likelihood of maintaining the Group's business as a going concern. The Trustees are required to submit their findings to the Court on 10 May 2020. It is anticipated that a Court hearing will take place at 10.00am (Israel time) on 12 May 2020 to assess and agree the next steps to be taken by the Company.
As a result of the ongoing Court process and continuing uncertainty of the Group's financial position, the Company's shares will remain suspended from trading on the London Stock Exchange.
Further updates to shareholders will be made accordingly.
For further information, please contact:
Bagir Group Ltd. Tessa Laws, Non-Executive Chair Micha Ronen, Chief Executive OfficerDotan Levy, Chief Financial Officer
| via Novella on: +44 (0) 20 3151 7008 |
N+1 Singer Mark TaylorJames Moat
| +44 (0) 20 7496 3000 |
Novella Tim RobertsonFergus Young
| +44 (0) 20 3151 7008 |
For more information about Bagir, please visit the Company's website: http://www. https://www.bagirgroup.com/