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30 Aug 2022 18:19
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ICONIC LABS PLC - IN ADMINISTRATION
Settlement of Disputes and Company Voluntary Arrangement
The Joint Administrators provide the following update on the administration, settlement of disputes and convening of a General Meeting:
Disputes with D sefton & Greencastle MediA
A Settlement Agreement has been entered into between the Company, Greencastle Media, Arch Capital Partners LLP, Mr D Sefton and the European High Growth Opportunities Securitization Fund. As a result, all litigation proceedings have been dismissed, and all claims, counter claims, including defamation claims, among the parties, have been waived or will be waived upon the CVA being approved.
A separate announcement has been issued relating to the retraction of claims made against David Sefton and the former directors of Iconic Labs PLC.
COMPANY VOLUNTRAY ARRANGEMENT PROPOSALS
Company Voluntary Arrangement ("CVA") Proposals have been finalised and are being sent out to all creditors and shareholders, together with Notices of Meetings of creditors and shareholders to consider the CVA which to be held on 22 September 2022, at 10.30 am and 2.00pm respectively. The General Meeting of Shareholders will include a Resolution to approve the CVA will be held at the offices of KWM Europe LLP, 9th Floor, 24 Monument Street, London, EC3R 8AJ. The meeting of shareholders will, if the CVA is passed, consider, in addition to a resolution to approve the CVA, resolutions to authorise the directors of the Company to allot shares and to disapply statutory pre-emption rights. These resolutions relating to the issuance of shares by the Company will be crucial to the Company's ability to raise future finance, including from the European High Growth Opportunities Securitization Fund as part of the "future funding" as described below.
A Form of Proxy must be completed, signed and received by Company's registrar, SLC Registrars, in accordance with the shareholders' circular.
FUTURE FUNDING
Subject to the CVA being approved and other resolutions being passed by shareholders at the General Meeting, the European High Growth Opportunities Securitization Fund have agreed to provide funding for the CVA and general working capital purposes, under existing and new facilities, subject to certain conditions precedent.
RE-LISTING OF SHARES
If the CVA is approved, the Board will enter into discussions with the Financial Conduct Authority with a view to the Company's suspension of shares being lifted. The Company's annual accounts for the year ended 30 June 2021 have been prepared and once audited will be published along with interim accounts to 31 December 2021.
ADMINISTRATION
If the CVA is approved, it is anticipated that the Administration will be brought to an end as soon as is practically possible.
30 August 2022
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