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11 Feb 2009 07:30
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Interactive Prospect Targeting Holdings Plc
("IPH" or "the Group")
Statement Regarding Suspension
Interactive Prospect Targeting Holdings Plc (AIM:IPH)Β todayΒ announcesΒ theΒ departure from the Group board, effectiveΒ today,Β of Stephane Zittoun and suspension of trading of its shares on AIM.Β
Since the Group's announcement ofΒ 29 September 2008, IPH has been working to restructure its activities. This has resulted in disposal of the Company'sΒ UKΒ activities, as announced onΒ 29 September andΒ 11 November 2008, and the restructuring of the management and earn-out arrangements with one of its French subsidiaries, DirectinetΒ SAΒ ("Directinet"), as announced onΒ 17 November 2008. The Company has been negotiating with the original vendors of its other French business, NP6Β SASΒ ("NP6"), in order to allow the CompanyΒ toΒ meetΒ anyΒ earn-out obligationsΒ it may haveΒ in relation to the acquisition of NP6 within the financial constraints currentlyΒ imposedΒ on the Company.
Negotiations with the vendors of NP6Β continue butΒ have not, so far, been productive. The vendors have launched a legal action inΒ FranceΒ against the intermediate holding companyΒ Direct Excellence LimitedΒ ("DEL") which, until it is resolved, leaves the board of IPH uncertainΒ asΒ toΒ its future. The claim of the vendors is againstΒ DELΒ and the trading of the French subsidiaries is notΒ affected by such litigation.
Given this uncertainty, the Board has requested a suspension of trading of the Company's shares on AIM pending the clarification of the Company's financial position. A further announcement will be made in due course as appropriate.
11 February 2009
For further information:
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Canaccord Adams |
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Eli Colby/Mark Williams,Β Nominated Adviser |
Tel: +44 (0) 20 7050 6500 |
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eli.colby@canaccordadams.com |
www.canaccordadams.com |
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Media enquiries: |
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College Hill |
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Mark Garraway |
Tel: +44 (0) 20Β 7457 2020 |
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mark.garraway@collegehill.com |
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