Business
Update on General Meeting
Update on General Meeting.
About this update from Iconic Labs Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9969B\n Iconic Labs PLC\n 15 June 2021\n \n \n \n For immediate release\n \n Update on Administration and adjournment of General Meeting\n \n The Joint Administrators provide the following update on progress since their appointment:\n \n Update\n 1. The Joint Administrators have not made material progress in assessing the financial position of the Company as they await a Statement of Affairs which is required to be provided by the directors together with various accounting and financial records of the Company which have also been requested from the directors.\n 2. The Joint Administrators have, however, obtained access to a bank account of the Company which currently has a negative cash balance. The Joint Administrators are trying to establish whether the Company has any other bank accounts.\n 3. The Joint Administrators are not aware of any employees employed within the Company or any business activity being conducted by the Company, and therefore there appears to be no urgent operating cash pressure on the Company save for the costs being incurred in the administration.\n 4. The Joint Administrators have received unsolicited notices of claim from multiple unsecured creditors.\n 5. The Joint Administrators have received notice from the secured creditor of the Company suggesting that the obligations secured by its debenture extend beyond the debt originally claimed by it and cover a wider range of potential claims, including under the secured creditor's investment agreement with the Company. The secured creditor has further notified the Joint Administrators of several breaches of that investment agreement and that it is in the process of calculating the damages it claims are due as a result. The Joint Administrators consider that, should these claims prove to be correct, the sums due to the secured creditor are likely considerably to exceed the amount of the debt originally claimed by it.\n 6. The Joint Administrators act for the general body of creditors of the Company. They intend to instruct independent legal advisers to advise them on the merits of the various claims that have been asserted to date, including by the directors against a range of third parties. Upon receipt of that advice, the Joint Administrators will ...