Business
Update on Disposal
Update on Disposal.
About this update from Distil Plc
[{"type":"text","content":"\n Blavod Extreme Spirits PLC\n21 September 2007\n\n\nBlavod Extreme Spirits PLC\n\nUpdate on Disposal\n\nOn 30 August 2007 the board of Blavod Extreme Spirits PLC ('Board') announced\nthat it had posted a circular to shareholders setting out a resolution ('the\nResolution') to be passed at an Extraordinary General Meeting to be held on 24\nSeptember 2007. The Resolution concerns the proposed disposal ('the Disposal')\nof Blavod Extreme Spirits USA, Inc. ('BES USA') to Black Diamond Spirits, LLC\n('the Buyer'), a company controlled by Jeff Hopmayer, the Company's Chief\nExecutive Officer.\n\nThe conditional asset purchase agreement dated 29 August 2007 provides that\ncompletion of the Disposal will take place on the day of the passing of the\nResolution, or such other date mutually acceptable to the Buyer and BES USA, but\nin no event later than 28 September 2007.\n\nThe Buyer has indicated to the Board that, while it is hopeful of completing the\nDisposal on 24 September 2007 (assuming the Resolution is passed at the\nExtraordinary General Meeting), it may not be in a position to do so until 28\nSeptember 2007 due to administrative delays in obtaining the executed form of\nthe releases from Laurus Master Fund, Ltd.\n\nThe Extraordinary General Meeting will take place as planned at 11.00 am on 24\nSeptember 2007.\n\nContacts\n\nBrewin Dolphin Securities (Nominated Adviser)\n\nMark Brady/Alison Barrow 0845 270 8600\n\n\nEnds\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":1803,"tagName":"div"}]