The Core Business
("Core" or the "Company")
CVA Proposal and Liquidation of Subsidiary
25 January 2010
The Company has reached outline agreement with its major creditor and a new
external investor under which a Company Voluntary Arrangement ("CVA") will be
proposed to both its creditors and shareholders. Under this proposal, creditors
would exchange the amounts owed to them by the Company for new shares and the
Company would be recapitalised.
The Company's trading subsidiary, Amirose International Limited, ("Amirose") has
today been placed in a Creditors' Voluntary Liquidation with T J Binyon and S J
Parker of Tenon Recovery as Liquidators under the Insolvency Act 1986.
Full details of the CVA proposal, together with notice of a general meeting of
the Company, will be sent to shareholders shortly. If the CVA is approved by
both shareholders and creditors, it is intended that Core's shares will return
from suspension to trading on the AIM Market. As a result of the liquidation of
Amirose, Core will no longer have any trading activities, and will be regarded
as an Investing Company under the AIM Rules. As required under AIM Rule 15,
shareholders will be asked to approve an investing policy for the Company at a
general meeting, full details of which will accompany the CVA proposals to be
sent to shareholders. Antony Batty of Antony Batty & Company LLP will prepare
the CVA proposal and act as Nominee under the Insolvency Act 1986.
A further announcement will be made as soon as the CVA proposals are finalised.
ENDS
For further information, please contact:
The Core Business PLC www.thecorebusiness.co.uk
Stirling Murray, Chief Executive 020 8559 8244
Blomfield Corporate Finance Ltd (Nomad)
Nick Harriss/Emily Staples 020 7444 0800
SVS Securities plc (Broker)
Ian Callaway/Alex Mattey 020 7638 5600
Antony Batty & Company LLP (CVA Nominee)
Antony Batty 020 7831 1234
Tenon Recovery (Liquidator)
Trevor Binyon/Steven Edwards 020 7935 5566