Business
CVA Proposal and Liquidation of Subsidiary
CVA Proposal and Liquidation of Subsidiary.
About this update from Tern Plc
[{"type":"text","content":"\n The Core Business\n (\"Core\" or the \"Company\")\n\n CVA Proposal and Liquidation of Subsidiary\n\n\n25 January 2010\n\nThe Company has reached outline agreement with its major creditor and a new\nexternal investor under which a Company Voluntary Arrangement (\"CVA\") will be\nproposed to both its creditors and shareholders. Under this proposal, creditors\nwould exchange the amounts owed to them by the Company for new shares and the\nCompany would be recapitalised.\n\nThe Company's trading subsidiary, Amirose International Limited, (\"Amirose\") has\ntoday been placed in a Creditors' Voluntary Liquidation with T J Binyon and S J\nParker of Tenon Recovery as Liquidators under the Insolvency Act 1986.\n\nFull details of the CVA proposal, together with notice of a general meeting of\nthe Company, will be sent to shareholders shortly. If the CVA is approved by\nboth shareholders and creditors, it is intended that Core's shares will return\nfrom suspension to trading on the AIM Market. As a result of the liquidation of\nAmirose, Core will no longer have any trading activities, and will be regarded\nas an Investing Company under the AIM Rules. As required under AIM Rule 15,\nshareholders will be asked to approve an investing policy for the Company at a\ngeneral meeting, full details of which will accompany the CVA proposals to be\nsent to shareholders. Antony Batty of Antony Batty & Company LLP will prepare\nthe CVA proposal and act as Nominee under the Insolvency Act 1986.\n\nA further announcement will be made as soon as the CVA proposals are finalised.\n\n\nENDS\n\n\nFor further information, please contact:\n\nThe Core Business PLC www.thecorebusiness.co.uk\nStirling Murray, Chief Executive 020 8559 8244\n\nBlomfield Corporate Finance Ltd (Nomad)\nNick Harriss/Emily Staples 020 7444 0800\n\nSVS Securities plc (Broker)\nIan Callaway/Alex Mattey 020 7638 5600\n\nAntony Batty & Company LLP (CVA Nominee)\nAntony Batty 020 7831 1234\n\nTenon Recovery (Liquidator)\nTrevor Binyon/Steven Edwards 020 7935 5566 \n ","length":2269,"tagName":"div"}]