REG - Mode Global Holdings - Mode Subsidiary files for CVA

R8 Capital InvestmentsAnnouncement

14/03/2023 12:45

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RNS Number : 9459S  Mode Global Holdings PLC  14 March 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

14 March 2023

Mode Global Holdings Plc

("MODE" or the "Group")

Mode subsidiary files for CVA

Following the announcement of 19th January 2023 regarding the unsuccessful
funding, the Group has been winding down the operations of its Regulated
subsidies, Fibermode Limited, Greyfoxx Limited  and JGOO Limited. The
Company's wholly owned subsidiary, Mode Global Limited which employed all
staff and contracted for all operational costs on behalf of the trading
companies, will not be able to recover the amounts due from the subsidiaries
for the provision of these services. As a result, Mode Global Limit  cannot
pay its liabilities as they fall due.

Accordingly, the Board of Mode Global Limited has today requested that Antony
Batty of Antony Batty & Company LLP acts as a Nominee of Company Voluntary
Arrangement ("CVA") Proposals and file the Proposals in Court along with a
Nominee's Report. Meetings of creditors to consider the CVA Proposals will be
held on 5 April 2023.  The Board of MGL will continue to engage with its
creditors to ensure the process is as smooth as possible.

The Directors of Mode Global Holdings will continue to look for ways to
extract value and seek out options for the future of the Group.

Enquiries:

 Mode Global Holdings PLC               info@modeapp.com

 Jonathan Rowland / Richard Morecroft

 

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