10 Oct 2012 07:30
10 October 2012
IPSO VENTURES PLC ("IPSO" or "the Company")
Suspension of shares
On 23 January 2012 the Company announced that, whilst it had no bank debt and that significant cost savings had been implemented by the IPSO board, there was only sufficient working capital to take the Company into the third quarter of this calendar year.
The Company has, to date, been unable to raise additional capital or sell any assets and, whilst the IPSO board believes that the Company continues to be able to trade solvently, it currently has insufficient cash to satisfy all of its creditor obligations. Due to this uncertainty, the IPSO board also believes that the Company is not going to be in a position to publish its report and accounts for the financial year ended 30 April 2012 by 31 October 2012 in accordance with AIM Rule 19.
The IPSO board has therefore requested the suspension of the IPSO trading facility on AIM and the Company's ordinary shares will be suspended from trading on AIM with effect from 7.30am on 10 October 2012.
The IPSO board continues to review all of its options, certain of which are at an advanced stage, including the sale of a Group company, the sale or partial sale of one or more of its underlying portfolio assets and raising new equity, loan or convertible finance. The Board is also considering the merits of seeking a delisting of the Company from AIM to save significant costs and allow the sale of its asset portfolio on a more measured basis.
Further announcements will be made as and when appropriate.
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