Last checked at 8 Jun 2012 07:30
For release on Friday 8 June 2012, 0730 hrs
VIPERA PLC
("VIPERA" or "THE COMPANY")
Statement re Suspension
and
Potential Reverse Transaction
Vipera, the specialist provider of mobile financial software services, announces that after a lengthy period of negotiation, the Company has agreed non-binding terms for a significant transaction with a company whose business is complementary to that of Vipera's (the "Transaction"). This Transaction will constitute a reverse take-over under the AIM Rules. In the light of work undertaken on this Transaction, the Company has concluded that it will not be in a position to publish its Report and Accounts for the year ended 31 December 2011 within the deadline required under the AIM Rules, 30 June 2012, and accordingly trading in the Company's shares is suspended with immediate effect. The suspension will remain pending the publication of the Accounts and, if the Transaction proceeds, the Admission Document.
The results for the year ended 31 December 2011 are likely to be in line with the announcement made on 26 October, 2011.
Since the year-end, considerable resources and management time have been expended in pursuit of the opportunity set out above, with the target being a profitable and fast-growing business with clear strategic synergies with Vipera's existing offering. The Company is now looking to raise additional capital both in relation to the above Transaction and in relation to its own development.
Wider economic conditions continue to make the process for closing sales in the banking markets longer than previously experienced. However, the Company announces that it has recently concluded its largest sale to date, to a company in Italy, outside the banking sector, that is anticipated will contribute revenues of £1.5million over three years.
Marco Casartelli, Vipera Chief Executive, said "I am looking forward to progressing this transaction and to being in a position to inform shareholders about what we believe is a very exciting opportunity."
-Ends-
Vipera PLC | |
Marco Casartelli | Tel: +39 02 7214 2424 |
Roger Mitchell | Tel: +39 02 7214 2424 |
Martin Perrin | Tel: +44 (0) 7785 505 337 |
Beaumont Cornish Limited (Nomad) | Tel: +44 (0) 20 7628 3396 |
Roland Cornish | |
Felicity Geidt | |
Media Enquiries | |
Hudson Sandler Charlie Jack / George Parker |
Tel: + 44 (0) 20 7796 4133 |
Notes to Editors
Vipera is an international mobile commerce provider with a focus on the Middle Eastern market, where it has established itself as the preferred partner of national banks and global technology businesses.
Vipera provides software and services to banks and financial institutions to enable mobile access to personal financial services. Additionally Vipera's software enables Government and corporate entities to allow their services and consumer transactions to take place on mobile platforms.
Vipera is ideally placed to leverage its significant success to date and seize further share of this market, buoyed by the growth of smart phones, forecast by 2013 to grow to 977 million users and in revenue from $71bn to $862 billion.
Vipera's headquarters are in Milan and it listed on the London Stock Exchange (AIM: VIP.L). For further information, please visit www.vipera.com