REG - Nanosynth Group PLC - Proposal to Appoint Liquidators

NanosynthAnnouncement

16/05/2023 12:30

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RNS Number : 6026Z  Nanosynth Group PLC  16 May 2023

16(th) May 2023

 

nanosynth group plc

("nanosynth", the "Company" or the "Group")

 

Proposal to Appoint Liquidators to nanosynth group plc

 

Further to its announcement on 6 April 2023, regarding the Company's financial
position, the board of nanosynth ("Board") has pursued the potential funding
options available to it and determined that these are unlikely to come to
fruition within the required timeframe. Accordingly, after taking independent
advice, the directors of the Company have concluded that the only available
course of action in order to protect creditors is to commence the insolvent
liquidation of the Company via an insolvency process called a Creditors'
Voluntary Liquidation. Accordingly, ReSolve Advisory Limited has been engaged
to undertake the necessary support in this process.

 

The Board has resolved that a general meeting of the Members of the Company be
convened ("General Meeting"), to be held on a hybrid basis via an online
platform and in person at FinnCap, 1 Bartholomew Cl, London  EC1A 7BL on a
date and time to be advised in line with the Company's articles of
association.  The purpose of the General Meeting is to consider, and if
thought fit, pass the following resolutions, number 1 as a Special resolution
and number 2, as an Ordinary resolution:

 

Resolutions

 

1.    "That the Company be wound up voluntarily"; and

 

2.    "That Simon Jagger and Cameron Gunn of ReSolve Advisory Limited, 22
York Buildings, London WC2N 6JU, be appointed as Joint Liquidators of the
Company and that they be authorised to act either jointly or separately".

 

 

A circular convening this general meeting will be published in the coming
days.

The Company has requested that trading in the shares of the Company on AIM be
suspended until further notice and in due course, the admission of the
Company's ordinary shares to trading on AIM is expected to be cancelled.  As
a result of the insolvency of the Company it is unlikely that there will be
any residual value to distribute to shareholders.

Upon the appointment of liquidators, the Company's nominated adviser will step
down with immediate effect. In accordance with AIM Rule 1, if within one month
of that day the Company has failed to appoint a replacement nominated adviser,
which given the circumstances is unlikely, the admission of its securities to
trading on AIM will be cancelled.

All enquiries relating to the liquidation process should now be made directly
to ReSolve Advisory Limited.

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the
European Union (Withdrawal) Act 2018. Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain.

 

 

ENQUIRIES:

 

 Prospective liquidators' contact details                               nanosynth@resolvegroupuk.com

 ReSolve Advisory Limited

 Simon Jagger & Cameron Gunn

 nanosynth group plc                                                    via IFC Advisory

 Mark Duffin (Chief Executive Officer)

 IFC Advisory Ltd                                                       +44 20 3934 6630
 Graham Herring
 Zach Cohen

 Nominated Adviser and Broker                                      +44 20
                               3470 0470
 Stuart Gledhill
 Kasia Brzozowska

 

 

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