Business
Strategic Review Update and S
Strategic Review Update and S.
About this update from Time Finance Plc
[{"type":"text","content":"\n RNS Number : 3511K Timestrip PLC 19 April 2010 \n\nTimestrip plc\n(\"Timestrip\" or the \"Company\")\n \nStrategic Review Update and Suspension\n \n \nFurther to the announcement of 18 March 2010, the Company remains constrained by lack of working capital and has been unable to get sufficient investor support to fund the business. Accordingly, the Company has requested an immediate suspension in the trading of the Company's shares on AIM.\n \nThe Company is considering a potential offer from several existing shareholders who have expressed an interest in making an offer for the shares of the two operating subsidiaries with a view to continuing to operate them as going concerns. The joint CEOs, Paul Freedman and Reuben Isbitsky, have been approached to continue managing those businesses. Although it is anticipated that the potential offer would enable some money to be returned to shareholders, it is likely to be a nominal amount.\n \nA transaction such as outlined above would result in a fundamental change of business pursuant to AIM Rule 15 and would also be a related party transaction in accordance with the AIM Rules. In the event the proposed transaction proceeds, it is envisaged that a circular would be posted to shareholders by later this month and a General Meeting held to allow shareholders to vote on the proposed disposal.\n \nA further announcement will be made in due course.\n \n \nFor more information please contact:\n \nTimestrip plc\n \nPaul Freedman, Joint CEO 01462 440700 \nJonathan Steinberg, Non-Executive Director\n \nGeoff Nash / Ed Frisby, FinnCap, NOMAD 020 7600 1658 \n\nThis information is provided by RNSThe company news ser...