28 Aug 2013 07:00
28 August 2013
Concha plc("Concha" or the "Company")
Further Update re Moshen Limited Investment
Concha provides the following update regarding its investee company Moshen Limited ("Moshen").
Further to the announcement released yesterday regarding Moshen, Concha has been informed that the board of Moshen intends to appoint a firm of insolvency practitioners without delay to assess the potential recovery of value, if any, for creditors and shareholders.
Chris Akers, Executive Chairman of Concha, is Concha's representative on the board of Moshen and is currently the sole acting director following the suspension of the Chief Executive on Friday 23 August 2013.
Concha is also taking separate independent legal advice regarding the recovery of value in respect of the equity and debt that it has provided to Moshen, including £300,000 in the form of a secured term loan. The Company understands that it is the only secured creditor of Moshen.
Further updates will be provided as appropriate.
Enquiries:
Concha plc chris.akers@srgplc.com
Chris Akers, Executive Chairman
Strand Hanson Limited (Nominated Adviser and Joint Broker) 020 7409 3494
James Harris
Andrew Emmott
Ritchie Balmer
PeterHouse Corporate Finance (Joint Broker) 020 7926 0935
Jon Levinson
Lucy Williams