REG - Iconic Labs PLC - Settlement and CVA

Iconic LabsAnnouncement

30/08/2022 18:30

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RNS Number : 6596X  Iconic Labs PLC  30 August 2022

For immediate release

ICONIC LABS PLC - IN ADMINISTRATION

Settlement of Disputes and Company Voluntary Arrangement

 

The Joint Administrators provide the following update on the administration,
settlement of disputes and convening of a General Meeting:

Disputes with D sefton & Greencastle MediA

A Settlement Agreement has been entered into between the Company, Greencastle
Media, Arch Capital Partners LLP, Mr D Sefton and the European High Growth
Opportunities Securitization Fund.  As a result, all litigation proceedings
have been dismissed, and all claims, counter claims, including defamation
claims, among the parties, have been waived or will be waived upon the CVA
being approved.

 

A separate announcement has been issued relating to the retraction of claims
made against David Sefton and the former directors of Iconic Labs PLC.

 

COMPANY VOLUNTRAY ARRANGEMENT PROPOSALS

Company Voluntary Arrangement ("CVA") Proposals have been finalised and are
being sent out to all creditors and shareholders, together with Notices of
Meetings of creditors and shareholders to consider the CVA which to be held on
22 September 2022, at 10.30 am and 2.00pm respectively. The General Meeting of
Shareholders will include a Resolution to approve the CVA will be held at the
offices of KWM Europe LLP, 9(th) Floor, 24 Monument Street, London, EC3R 8AJ.
The meeting of shareholders will, if the CVA is passed, consider, in addition
to a resolution to approve the CVA, resolutions to authorise the directors of
the Company to allot shares and to disapply statutory pre-emption rights.
These resolutions relating to the issuance of shares by the Company will be
crucial to the Company's ability to raise future finance, including from the
European High Growth Opportunities Securitization Fund as part of the "future
funding" as described below.

A Form of Proxy must be completed, signed and received by Company's registrar,
SLC Registrars, in accordance with the shareholders' circular.

 

FUTURE FUNDING

Subject to the CVA being approved and other resolutions being passed by
shareholders at the General Meeting, the European High Growth Opportunities
Securitization Fund have agreed to provide funding for the CVA and general
working capital purposes, under existing and new facilities, subject to
certain conditions precedent.

 

RE-LISTING OF SHARES

If the CVA is approved, the Board will enter into discussions with the
Financial Conduct Authority with a view to the Company's suspension of shares
being lifted. The Company's annual accounts for the year ended 30 June 2021
have been prepared and once audited will be published along with interim
accounts to 31 December 2021.

 

ADMINISTRATION

If the CVA is approved, it is anticipated that the Administration will be
brought to an end as soon as is practically possible.

 

 

30 August 2022

 

 

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