Last checked at 18 Nov 2021 16:00
For immediate release
ICONIC LABC PLC - IN ADMINISTRATION
The Joint Administrators provide the following update on the administration and the adjournment of General Meeting:
General Meeting
The General Meeting ("GM") which had been convened for 2.00pm on Tuesday 15 June 2021 and which was adjourned until Tuesday 17 November 2021 has been further adjourned to 2.00 p.m. on Tuesday, November 2021 to be held at the same place as the GM was convened, namely the offices of KWM Europe LLP, being the 9th Floor, 24 Monument Street, London EC3R 8AJ or such other place as is notified to shareholders.
Proxies that have been submitted for the GM will remain valid for the adjourned GM and you do not need to submit a new proxy unless you wish to change how your proxy should vote. However, you may continue to submit a proxy form for the GM up to 2.00pm on Friday 19 November2021. Proxy forms must be submitted in accordance with the instructions set out in the notice of meeting dated 20 May 2021.
Progress of the Administration
CVA Proposals
In accordance with their Report & Proposals, the Joint Administrators have prepared Draft CVA Proposals which were circulated to the Board, Arch Capital Partners LLP ("Arch"), Greencastle Media and EHGOSF on 30 September 2021.
The Joint Administrators understand that negotiations are ongoing between the Board, EHGOSF and Arch the Secured Creditor. For a viable CVA proposal to be put to creditors and members, new funding will be required, or some other arrangement made available, to enable the Company to make settlement proposals to creditors. A CVA cannot bind Secured Creditors to the extent that they are secured. Therefore, a CVA will only be viable if the disputes (or a means for resolving them) between the Company, EHGOSF and Arch can be agreed.
It is hoped that the negotiations will be finalised shortly to enable the CVA Proposals to be finalised and circulated to creditors and shareholders, who will be entitled to vote at meetings called for that purpose.