EDL.L Regulatory News (EDL)

24 Nov 2006 07:59

TV Commerce Holdings PLC24 November 2006 TV Commerce Holdings PLC ("TV Commerce" or the "Company") Trading Update As we said in our interim statement for the six months to June 30, 2006, themarket in which the Company operates has become increasingly regulated. On November 22, 2006 the Company was informed by its telephony service providerthat the Independent Committee for the Supervision of Standards of TelephoneInformation Services ("ICSTIS") had issued a formal reprimand and afine of £25,000 in relation to a live telephony service, promoted by its daytimeshow, which has since been taken off air. Whilst trading has been profitable in the second half of the year to date, giventhe increased intervention of the regulator in this market, the Directors areconcerned for the future viability of the Company's existing business model.The Board and its advisors are, therefore, currently reviewing the optionsavailable to the Company in relation to the preservation and return ofshareholder value. Such options may include the possibility of taking theCompany private and delisting its shares from the Alternative Investment Marketof the London Stock Exchange. At November 22, 2006, the Company had a cash balance of £115,000. On the basisthat trading continues until the year end, that further fines are notforthcoming and that current balances receivable by the Company are received infull, the cash balance at the end of the year is likely to be approximately£350,000. A further announcement will be made as soon as the Board has completed itsreview of the options available. For further information, please contact: TV CommerceVince Stanzione Tel: +44 (0) 1908 330 747 First City Financial LtdAllan Piper Tel: +44 (0) 207 436 7486 Seymour PierceJohn De Pasquale Tel: +44 (0) 207 107 8000 This information is provided by RNS The company news service from the London Stock Exchange