7 Apr 2020 07:00
Urban Exposure plc (UEX) Urban Exposure plc: Action against Honeycomb Holdings Limited and connected entities and indefinite postponement of general meeting 07-Apr-2020 / 07:00 GMT/BST Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. 7 April 2020 Urban Exposure Plc Action against Honeycomb Holdings Limited and connected entities andindefinite postponement of general meeting As announced on 1 April 2020, Urban Exposure plc (the "Company") received a purported notice of termination from Honeycomb Holdings Limited ("HHL") of the share purchase agreement (the "SPA") between the Company, HHL and Urban Exposure Amco Limited ("UE Amco") dated 10 March 2020 for the purchase by HHL of the issued share capital of Urban Exposure Lendco Limited ("UE Lendco"). The Company and UE Amco consider that there was no valid basis for the purported termination of the SPA by HHL and that HHL has acted in repudiatory breach of the SPA. The Company and UE Amco have accepted this repudiatory breach of contract by HHL and accordingly the Company and UE Amco consider themselves discharged from further performance of the SPA. The sale of UE Lendco by the Company to HHL and the associated sale of UE Amco by the Company to its management team will now not take place. Further, the proposed cancellation of the Company's ordinary shares from trading on AIM and the proposed change of name of the Company will not proceed. In addition, the general meeting of the Company scheduled to be held on 28 April 2020 at which resolutions relating to the winding up of the Company would have been proposed is postponed indefinitely. The Company and UE Amco now intend to claim damages against HHL for breach of contract. In addition, the Company and UE Amco intend to seek relief from other entities within or connected to the Pollen Street Capital group, including Honeycomb Investment Trust plc, Shawbrook Bank Limited, Pollen Street Capital Limited and Pollen Street Capital Holdings Limited, for procuring or inducing the breach by HHL of the SPA. The Company and UE Amco reserve their position to take all other measures against and seek other relief from HHL and its connected entities in respect of HHL's breach of the SPA. Enquiries: Urban Exposure plc Tel: +44(0)207 408 0022 William McKee, Chairman Randeesh Sandhu, Chief Executive Officer Sam Dobbyn, Chief Financial Officer
Jefferies (Financial adviser and Joint Corporate Broker) Tel: +44(0)20 7029 8000 Rishi Bhuchar Ed Matthews James Thomlinson William Brown
Liberum (NOMAD and Joint Corporate Broker) Tel: +44(0)203 100 2000 Neil Patel Gillian Martin Jonathan Wilkes-Green Louis Davies
MHP Communications (Financial Public Relations) Tel: +44(0)203 128 8100 Charlie Barker Patrick Hanrahan Sophia Samaras UrbanExposure@mhpc.com |
| ISIN: | GB00BFNSQ303 |
| Category Code: | MSCU |
| TIDM: | UEX |
| LEI Code: | 213800Q7WLHGIHUFBT43 |
| Sequence No.: | 56930 |
| EQS News ID: | 1016997 |
| End of Announcement | EQS News Service |
UK Regulatory announcement transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.