Update on Disposal

21 Sep 2007 09:53

Blavod Extreme Spirits PLC21 September 2007 Blavod Extreme Spirits PLC Update on Disposal On 30 August 2007 the board of Blavod Extreme Spirits PLC ('Board') announcedthat it had posted a circular to shareholders setting out a resolution ('theResolution') to be passed at an Extraordinary General Meeting to be held on 24September 2007. The Resolution concerns the proposed disposal ('the Disposal')of Blavod Extreme Spirits USA, Inc. ('BES USA') to Black Diamond Spirits, LLC('the Buyer'), a company controlled by Jeff Hopmayer, the Company's ChiefExecutive Officer. The conditional asset purchase agreement dated 29 August 2007 provides thatcompletion of the Disposal will take place on the day of the passing of theResolution, or such other date mutually acceptable to the Buyer and BES USA, butin no event later than 28 September 2007. The Buyer has indicated to the Board that, while it is hopeful of completing theDisposal on 24 September 2007 (assuming the Resolution is passed at theExtraordinary General Meeting), it may not be in a position to do so until 28September 2007 due to administrative delays in obtaining the executed form ofthe releases from Laurus Master Fund, Ltd. The Extraordinary General Meeting will take place as planned at 11.00 am on 24September 2007. Contacts Brewin Dolphin Securities (Nominated Adviser) Mark Brady/Alison Barrow 0845 270 8600 Ends This information is provided by RNS The company news service from the London Stock Exchange