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Envesta Telecom PLC - Cancellation of Shares

RNS Number:2903C Envesta Telecom PLC 02 May 2006 ENVESTA TELECOM PLC ("the Company") On 8th November 2005, the Company announced the sale of the business and assets of the Company's sole operating subsidiary, Seven Telecom Limited ("Seven Telecom") by its administrator. At the same time, it was announced that, following completion of the sale by the administrator, the Company had a continuing debt to its bank of approximately #900,000, with other creditors of approximately #170,000. The Company was unable to meet these liabilities and reported that it would require the continued support of its bank and creditors, and that the directors were reviewing possible alternatives for the Company. Since that announcement was made the Board has explored in great detail the possibility of the Company entering into a corporate voluntary arrangement, which could have given the Company the opportunity of re-structuring and, in its re-structured form, going forward into alternative business activity, and thereby given shareholders a prospect of eventually recovering some value from shareholdings. However, any corporate voluntary arrangement would have required the support of the Company's principal creditors, and such support has not been given. In the circumstances, the Board has concluded that there is no alternative but for the Company to be wound up. The Company has no funds available to cover the cost of convening the necessary shareholders' and creditors' meetings to put the Company into voluntary liquidation, and the Board has sought the financial support of the Company's dominant creditor to facilitate this process. The directors do not believe that, after completion of a liquidation there will be any recovery by the Company's creditors, nor any surplus funds for distribution to the Company's shareholders. Given that the Company's ordinary shares have now been suspended from trading for six months, in accordance with the AIM Rules, the Company's ordinary shares will be cancelled from trading on AIM on 3 May, and no further announcements will therefore be released. This information is provided by RNS The company news service from the London Stock Exchange END MSCUUOSRNORVRAR

Quick facts: EnviroSuite Ltd

Price: 0.335

Market: ASX
Market Cap: $132.56 m
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