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UEX - Urban Exposure News Story

40.5p 0.5  1.3%

Last Trade - 29/05/20

Sector
Financials
Size
Small Cap
Market Cap £64.2m
Enterprise Value £21.5m
Revenue £9.20m
Position in Universe 1053rd / 1825

Urban Exposure plc Urban Exposure plc: Action against Honeycomb Holdings Limited and connected entities and indefinite postponement of general meeting

Tue 7th April, 2020 7:00am
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   Urban Exposure plc (UEX)
   Urban Exposure plc: Action against Honeycomb Holdings Limited and
   connected entities and indefinite postponement of general meeting

   07-Apr-2020 / 07:00 GMT/BST
   Dissemination of a Regulatory Announcement that contains inside
   information according to REGULATION (EU) No 596/2014 (MAR), transmitted by
   EQS Group.
   The issuer is solely responsible for the content of this announcement.

   ══════════════════════════════════════════════════════════════════════════

   7 April 2020

                               Urban Exposure Plc

      Action against Honeycomb Holdings Limited and connected entities and
                   indefinite postponement of general meeting

   As announced on 1 April 2020, Urban Exposure plc (the "Company")  received
   a purported notice of termination from Honeycomb Holdings Limited  ("HHL")
   of the share purchase agreement (the  "SPA") between the Company, HHL  and
   Urban Exposure  Amco Limited  ("UE  Amco") dated  10  March 2020  for  the
   purchase by  HHL of  the issued  share capital  of Urban  Exposure  Lendco
   Limited ("UE Lendco"). 

   The Company and UE  Amco consider that  there was no  valid basis for  the
   purported termination  of  the  SPA by  HHL  and  that HHL  has  acted  in
   repudiatory breach of the SPA. 

   The Company and UE Amco have accepted this repudiatory breach of  contract
   by HHL  and  accordingly  the  Company and  UE  Amco  consider  themselves
   discharged from further performance of the SPA. 

   The sale of UE Lendco by the Company to HHL and the associated sale of  UE
   Amco by  the Company  to its  management team  will now  not take  place. 
   Further, the proposed cancellation of  the Company's ordinary shares  from
   trading on AIM and  the proposed change  of name of  the Company will  not
   proceed. 

   In addition, the general meeting of the Company scheduled to be held on 28
   April 2020 at which resolutions relating to the winding up of the  Company
   would have been proposed is postponed indefinitely. 

   The Company and UE Amco now intend to claim damages against HHL for breach
   of contract.  In addition, the Company  and UE Amco intend to seek  relief
   from other  entities within  or  connected to  the Pollen  Street  Capital
   group, including Honeycomb Investment  Trust plc, Shawbrook Bank  Limited,
   Pollen Street Capital Limited and Pollen Street Capital Holdings  Limited,
   for procuring or inducing the breach by HHL of the SPA. 

   The Company and UE Amco reserve their position to take all other  measures
   against and  seek other  relief from  HHL and  its connected  entities  in
   respect of HHL's breach of the SPA.

   Enquiries:

   Urban Exposure plc                Tel: +44(0)207 408 0022

   William McKee, Chairman

   Randeesh Sandhu, Chief Executive Officer

   Sam Dobbyn, Chief Financial Officer

    

   Jefferies (Financial adviser and Joint Corporate Broker)  Tel: +44(0)20
   7029 8000

   Rishi Bhuchar

   Ed Matthews

   James Thomlinson

   William Brown

    

   Liberum (NOMAD and Joint Corporate Broker)   Tel: +44(0)203 100 2000

   Neil Patel

   Gillian Martin

   Jonathan Wilkes-Green

   Louis Davies

    

   MHP Communications (Financial Public Relations)          Tel: +44(0)203
   128 8100

   Charlie Barker

   Patrick Hanrahan

   Sophia Samaras

    1 UrbanExposure@mhpc.com

   ══════════════════════════════════════════════════════════════════════════

   ISIN:          GB00BFNSQ303
   Category Code: MSCU
   TIDM:          UEX
   LEI Code:      213800Q7WLHGIHUFBT43
   Sequence No.:  56930
   EQS News ID:   1016997


    
   End of Announcement EQS News Service

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    2 fncls.ssp?fn=show_t_gif&application_id=1016997&application_name=news&site_id=refinitiv2

References

   Visible links
   1. mailto:UrbanExposure@mhpc.com


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