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12 Nov 2012 16:00
12 November 2012
IPSO VENTURES PLC ("IPSO" or "the Company")
Update
On 15 October 2012, the board of IPSO announced that they were continuing to examine several methods of bringing capital into the Company to enable the settlement of its creditor obligations. These included the sale or partial sale of its underlying portfolio assets and raising new equity, loan or convertible finance.
Further to this announcement, the board of IPSO has received a number of credible proposals from certain parties that involve, inter alia, injecting new capital into IPSO in conjunction with the sale of IPSO's existing assets to an unquoted company to be formed for the purposes of the sale ("Newco") for a nominal consideration (the "Proposed Disposal"). It is intended that Newco would be owned by IPSO's shareholders on a pro rata basis to their existing shareholdings in the Company.
Following a careful evaluation of these proposals, the board of IPSO is pleased to announce that it has decided to grant one party a period of exclusivity to enable this party to finalise its due diligence on the Company. Should the due diligence process complete satisfactorily, and the terms of the proposal remain satisfactory to the board of IPSO, then the Proposed Disposal will require the approval of IPSO shareholders in a general meeting. The Proposed Disposal would result in a fundamental change of the business for the Company pursuant to Rule 15 of the AIM Rules for Companies and would result in the Company becoming an Investing Company, as defined under the AIM Rules.
The board of IPSO is in regular contact with IPSO's major creditors and continues to receive their support.
Further announcements will be made in due course.
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