REG - Itsarm PLC - Updated timetable

ItsarmAnnouncement

04/05/2023 08:45

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RNS Number : 4206Y  Itsarm PLC  04 May 2023

For immediate release

 

4 May 2023

 

Itsarm plc

 

Updated timetable in relation to

proposed cancellation of admission to trading on AIM

and the General Meeting

 

Itsarm plc (formerly In The Style Group plc) (AIM: ITS) ("Itsarm" or the
"Company"), announces an update in relation to the timetable for the proposed
cancellation of its admission to trading on AIM (the "Cancellation") and the
general meeting of the Company scheduled for 12 May 2023 (the "General
Meeting").

In the Company's corporate update announcement of 26 April 2023 (the "Update
Announcement"), it was announced that assuming the passing of the resolution
to approve the Cancellation (the "Cancellation Resolution") at the General
Meeting, it was expected that Cancellation would take place on or around 26
May 2023. Further to that announcement, to ensure that there are at least 20
business days between notice of the Cancellation and any potential suspension
in relation to the passing of the Resolutions, as well as the Cancellation
itself, the following timetable will now apply:

Revised timetable

 9.30 a.m. on 10 May 2023  Latest time and date for receipt of proxy instructions and CREST voting
                           instructions (together, "Voting Instructions")
 9.30 a.m. on 12 May 2023  If the Voting Instructions indicate that the Cancellation Resolution would not
                           be passed, the General Meeting will proceed and if the Cancellation Resolution
                           is not passed the proposed liquidators will not be appointed and the
                           Cancellation will not take place.  As such, as set out in the circular to
                           shareholders dated 26 April 2023 (the "Circular"), it would be likely that
                           within three months the Company would not be able to meet its financial
                           obligations as they fall due and there would be no alternative other than for
                           the Company to enter into some form of insolvency procedure under which the
                           prospects for recovery of value, if any, by Shareholders would be unlikely*

                           If the Voting Instructions indicate that the Cancellation Resolution would be
                           passed, the General Meeting will be adjourned to 9.30 a.m. on 26 May 2023 (the
                           "Adjourned Meeting"), the business day prior to the proposed Cancellation
 On or around 15 May 2023  Supplementary circular containing notice of the Adjourned Meeting sent to
                           Shareholders
 9.30 a.m. on 24 May 2023  Latest time and date for receipt of proxy instructions and CREST voting
                           instructions for the Adjourned Meeting
 26 May 2023               Trading in ordinary shares of Itsarm plc suspended before 8.00 a.m.
 9.30 a.m. on 26 May 2023  Adjourned Meeting is held
 26 May 2023               If the Resolutions are passed, proposed liquidators appointed

                           If the Resolutions are not passed, the proposed liquidators will not be
                           appointed and the Cancellation will not take place.  As such, as set out in
                           the Circular, it would be likely that within three months the Company would
                           not be able to meet its financial obligations as they fall due and there would
                           be no alternative other than for the Company to enter into some form of
                           insolvency procedure under which the prospects for recovery of value, if any,
                           by Shareholders would be unlikely
 30 May 2023               The Cancellation becomes effective

 

* In the unlikely event that the General Meeting proceeds because proxy votes
received in advance indicate that the Cancellation Resolution would not be
passed but at the General Meeting shareholders in attendance change the
outcome of that vote then shareholders should be aware that, in the event that
the Cancellation Resolution is passed on 12 May the Company may be suspended
from trading from that date.

 

Capitalised terms used but not defined in this announcement shall have the
meaning given to them in the Update Announcement.

 

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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