REG - Electric Guitar PLC - Update re: Liquidation of 3radical Limited

Electric GuitarAnnouncement

24/12/2024 07:00

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RNS Number : 1934R  Electric Guitar PLC  24 December 2024

24 December 2024

 

 

Electric Guitar PLC

("Electric Guitar" or the "Company")

 

Update re: Liquidation of 3radical Limited

 

Electric Guitar PLC (LSE: ELEG) announces that, further to the Company's
announcement of 13 December 2024, following a meeting of the shareholders of
3radical Limited ("3radical") and the approval of creditors on 23 December
2024, 3radical has been placed into a creditors' voluntary liquidation and
Christopher Errington and Paul Ellison of KRE Corporate Recovery Limited
("KRE") have been appointed as joint liquidators of 3radical.

 

As a result of the liquidation of 3radical, Electric Guitar plc has ceased to
control or conduct all or substantially all its previous trading business,
activities or assets and therefore is no longer a trading company and has no
operating revenues. Therefore, for the purposes of the AIM Rules for Companies
(the "AIM Rules"), the Company is now classified as an AIM Rule 15 cash shell.
As such, the Company will be required to make an acquisition or acquisitions
which constitute a reverse takeover under AIM Rule 14 or seek re-admission to
AIM as an investing company (as defined under the AIM Rules) on or before the
date falling six months from today, failing which the Company's ordinary
shares would be suspended from trading on AIM pursuant to AIM Rule 40.

 

The Board of directors of Electric Guitar continues to review options
available to the Company including, inter alia, seeking financing to allow the
Company to pursue an acquisition strategy. The Company currently has minimal
cash balances and known creditors of approximately £1 million. Accordingly,
the Company's ordinary shares remain suspended from trading on AIM pending
clarification of the Company's financial position and further updates will be
provided as appropriate.

 

A further announcement will be made in due course.

 

 

For further information:

 

 Electric Guitar PLC                                     info@electricguitarplc.com

 John Regan, CEO

 KRE Corporate Recovery                                  01189 977 357

 Christopher Errington

 Allenby Capital (Nominated Adviser and Joint Broker)    020 3328 5656

 Jeremy Porter / Piers Shimwell / Dan Dearden-Williams

 Axis Capital Markets (Joint Broker)                     020 3026 0320

 Richard Hutchison

 GIS (Joint Broker)                                      020 7048 9400

 James Sheehan

 

Notes to Editors

 

Electric Guitar PLC (AIM: ELEG) is the provider of first-party data solutions
for the marketing and advertising industry, empowering businesses to realise
the value of their first-party data. In an era of changing consumer attitudes
towards the use of their data, tighter privacy legislation, and the demise of
third-party cookies, first-party data is now the key to success in digital
marketing. Electric Guitar's strategy has been to acquire and scale businesses
that help marketers maximise the value of first-party data by curating,
managing, and deploying it, and in doing so making Electric Guitar the
industry standard for first-party data solutions. As the first part of this
strategy, Electric Guitar acquired 3radical Limited, a company that utilises
its Software as a Service platform, 3radical Voco, to enable organisations to
engage individuals and request their data directly using interactive digital
experiences.

For further information please visit www.electricguitarplc.com
(http://www.electricguitarplc.com) .

 

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