REG - Iconic Labs PLC - Adjournment to the GM

Iconic LabsAnnouncement

18/11/2021 16:05

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RNS Number : 8773S  Iconic Labs PLC  18 November 2021

For immediate release

ICONIC LABC PLC - IN ADMINISTRATION

The Joint Administrators provide the following update on the administration
and the adjournment of General Meeting:

General Meeting

The General Meeting ("GM") which had been convened for 2.00pm on Tuesday 15
June 2021 and which was adjourned until Tuesday 17 November 2021 has been
further adjourned to 2.00 p.m. on Tuesday,  November 2021 to be held at the
same place as the GM was convened, namely the offices of KWM Europe LLP, being
the 9th Floor, 24 Monument Street, London EC3R 8AJ or such other place as is
notified to shareholders.

 

Proxies that have been submitted for the GM will remain valid for the
adjourned GM and you do not need to submit a new proxy unless you wish to
change how your proxy should vote. However, you may continue to submit a proxy
form for the GM up to 2.00pm on Friday 19 November2021. Proxy forms must be
submitted in accordance with the instructions set out in the notice of meeting
dated 20 May 2021.

 

Progress of the Administration

CVA Proposals

In accordance with their Report & Proposals, the Joint Administrators have
prepared Draft CVA Proposals which were circulated to the Board, Arch Capital
Partners LLP ("Arch"), Greencastle Media and EHGOSF on 30 September 2021.

The Joint Administrators understand that negotiations are ongoing between the
Board, EHGOSF and Arch the Secured Creditor.  For a viable CVA proposal to be
put to creditors and members, new funding will be required, or some other
arrangement made available, to enable the Company to make settlement proposals
to creditors. A CVA cannot bind Secured Creditors to the extent that they are
secured. Therefore, a CVA will only be viable if the disputes (or a means for
resolving them) between the Company, EHGOSF and Arch can be agreed.

 

It is hoped that the negotiations will be finalised shortly to enable the CVA
Proposals to be finalised and circulated to creditors and shareholders, who
will be entitled to vote at meetings called for that purpose.

 

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