SerVision plc Update re. proposed sale of SerVision Limited (3404R)
14 Junho 2018 - 3:00AM
UK Regulatory
TIDMSEV
RNS Number : 3404R
SerVision plc
14 June 2018
14 June 2018
SerVision plc
("SerVision" or the "Company")
Update re. proposed sale of SerVision Limited and suspension
Further to the announcement released by the Company on 5 June
2018 the Board of SerVision (the "Board") announces that, on 10
June 2018, the Jerusalem District Court in Israel (the "Court")
heard the Trustees' proposal for the disposal of SerVision Limited,
the Company's main operating subsidiary. At this hearing the Court
approved the sale of SerVision Limited to A.D.I. Systems Limited
("ADI" or the "Purchaser") for a total consideration of NIS7.0
million payable in cash (equivalent to approximately GBP1.46
million / USD1.96 million at the prevailing exchange rates) (the
"Disposal").
ADI was established in 1984 and is based in Rishon Letzion,
Israel. ADI imports, markets and installs a variety of smart
products for the Israeli car market including audio, multimedia,
convenience, communications, protection and detection systems.
It is anticipated that a sale and purchase agreement will be
entered into between ADI and the Trustees by the end of June
2018.
The Board has been informed that a total of NIS0.85 million
(equivalent to approximately GBP0.17 million / USD0.24 million) of
the cash consideration was transferred to the Trustees on 10 June
2018 and the balance of NIS6.15 million (equivalent to
approximately GBP1.29 million / USD1.72 million) is expected to be
paid by ADI to the Trustees within 30 days.
Completion of the Disposal is expected to occur on the earliest
of: (i) 30 days from the Court approval of the Disposal; and (ii)
the date on which the Trustees receive the balance of the cash
consideration.
As previously announced the Company ranks behind both the
secured creditors and other general creditors and therefore the
expectation of the Board was that it would be extremely unlikely
that any value would be returned to the Company from its debts and
shareholding in SerVision Limited. The cash consideration that has
been agreed to be paid by ADI is less than the amounts owed to the
Company's secured creditors and other general creditors and
therefore, unfortunately, the Board confirms that the Company will
receive no value or consideration from the proposed sale of
SerVision Limited to ADI.
For the year ended 31 December 2016, SerVision Limited recorded
an audited loss before tax of USD2.62 million on revenues of
USD1.63 million. As at 30 June 2017 the unaudited net assets of
SerVision Limited were USD3,814.
The Company's ordinary shares remain suspended from trading on
AIM.
Further updates will be provided by the Company at the
appropriate time.
Certain terms used in this announcement shall have the same
meaning as the definitions in the Company's announcement released
on 18 April 2018.
-ends-
For further information:
SerVision plc
Eitan Yanuv (Finance Director)
Antony Legge (Non-Executive Director) +44 (0)20 3328 5656
Allenby Capital Limited (Nominated Adviser
and Broker) +44 (0)20 3328 5656
Nick Athanas
John Depasquale
Leander PR (Financial PR)
Christian Taylor-Wilkinson +44 (0)7795 168 157
This information is provided by RNS, the news service of the
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contact rns@lseg.com or visit www.rns.com.
END
MSCFJMMTMBTBTRP
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