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RNS Number : 2257O Iconic Labs PLC 08 June 2022
For immediate release
ICONIC LABC PLC - IN ADMINISTRATION
The Joint Administrators provide the following update on the administration
and the adjournment of General Meeting:
Administration extension
Following consent from the Secured Creditor, the Administration has been
extended for a further 6 months to 3 December 2022.
Disputes
The Joint Administrators confirm that negotiations between the Company, Arch
Capital Partners LLP and the European High Growth Opportunities Securitization
Fund are progressing.
Proposed Company Voluntary Arrangement
The terms of the proposed Company Voluntary Arrangement have now been agreed,
subject to the outcome of the negotiations, referred to above.
As soon as the negotiations are successfully concluded the CVA will be
issued, with a view to returning control of the Company back to its Board, if
agreed by creditors and shareholders.
It is hoped that a further update will be issued shortly
Antony Batty
Joint Administrator
8 June 2022
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