REG - Itsarm PLC - Proposed Compulsory Liquidation

ItsarmAnnouncement

05/06/2023 11:15

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RNS Number : 6638B  Itsarm PLC  05 June 2023

For immediate release

 

5 June 2023

 

Itsarm plc

 

Proposed Compulsory Liquidation

 

Itsarm plc (AIM: ITS) ("Itsarm" or the "Company") announces that, further
to the announcement on 26 May 2023, the Company's directors have assessed the
solvency of the Company and concluded, in consultation with their advisers,
that steps should be taken for the Company to enter compulsory liquidation.

The directors consider that, taking into account the Company's contingent and
prospective liabilities, there is a significant risk that creditors of the
Company would suffer detriment if the Company was not placed into a formal
insolvency procedure immediately.

A creditor's voluntary liquidation ("CVL") is not considered appropriate for
the Company, given the material risk that, if a special resolution was put
forward for the Company to be wound up and liquidators appointed as part of a
proposed CVL, a similar outcome would arise to that in relation to the
member's voluntary liquidation proposed at the adjourned general meeting of
the Company on 26 May 2023.  Such an outcome would mean that the Company
would be forced to continue to trade and incur the costs of an unsuccessful
CVL proposal, which would likely be detrimental to the Company's creditors.

Accordingly, the directors have resolved to make a petition to the High Court
that the Company be wound up. A further update will be made in due course
regarding the timing of the hearing for such petition and any subsequent order
to wind up the Company.

 

Enquiries:

 

 Itsarm                                                                                        via Hudson Sandler
 plc

 Jim Sharp, Director

 Richard Monaghan, Director

 Hudson Sandler                                                                                +44 (0)20 7796 4133

 Alex Brennan                                                                                  itsarmplc@hudsonsandler.com

 Ben Wilson

 Liberum Capital Limited (Nomad and Broker)                                                    +44 (0)20 3100 2000

 Clayton Bush

 Scott Mathieson

 Miquela Bezuidenhoudt

 

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