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11 Jan 2011 09:46
11 January 2011 iPoint Media Plc ("iPoint Media" or the "Company") Minimum Subscription Achieved
Reclassification of Company
Further to the announcement made by the Company on 14 December 2010, the board of iPoint Media is pleased to announce that the Minimum Subscription of £300,000 (pursuant to the offer for subscription being carried out by the Company's subsidiary iPoint plc ("NewCo")) has been achieved. As a result, the resolutions, detailed in the circulars sent to shareholders and noteholders of iPoint Media on 26 November 2010 and passed on 14 December 2010, are now effective and the Company is henceforth reclassified as an investing company pursuant to AIM Rule 15.
Under AIM Rule 15, the Company has until 14 December 2011, being 12 months from the date on which the resolutions were passed, to implement its investment policy, as detailed in the aforementioned circulars. Otherwise, trading in the Company's shares will be suspended at 7:30 a.m. on 15 December 2011. The Company would then remain provisionally suspended for six months, following which, if it remains the case that the Company fails to undertake a reverse takeover or otherwise implement its investing policy, it would be proposed to cancel the Company's shares with effect from 7:00 a.m. on 18 June 2012.
Resignation of Directors
The Company announces that, due to the aforementioned resolutions becoming effective, Shmuel Geller and Efraim Bazia have resigned from the board with immediate effect. Simon Marks and Robert Hayim remain on the board.
Enquiries:iPoint Media Plc +972 3606 1600 Simon Marks Cairn Financial Advisers LLP +44 (0) 20 7148 7900
Liam Murray / Avi Robinson
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