Resignation of nominated adviser and joint broker (1830D)
18 Março 2011 - 4:30AM
UK Regulatory
TIDMVYKE
RNS Number : 1830D
Vyke Communications PLC
18 March 2011
18 March 2011
Vyke Communications plc
("Vyke" or the "Company")
Resignation of Nominated Adviser and Broker
Update on discussions with lenders
The Board of Vyke (the "Board")announces that Allenby Capital
Limited has resigned as Nominated Adviser and Joint-broker to the
Company with effect from 7:30am today, 18 March 2011.
The Company has already commenced a search for a new nominated
adviser but, pending this appointment, the Company's shares
("Ordinary Shares) will be suspended from trading on AIM with
immediate effect. In the event that a new nominated adviser is not
appointed within one calendar month then the trading in the
Company's shares on AIM will be cancelled pursuant to Rule 1 of the
AIM Rules for Companies.
The Board of Vyke also announces that, following the
announcement made on 1 March 2011, it has progressed discussions
with BLS TEL Holdings LLC regarding the termination of the joint
venture agreement entered into on 12 July 2010 with Bonjour Europe
Limited, a wholly owned UK subsidiary of BLS TEL Holdings LLC (the
"Agreement") but the Agreement has not been terminated to date.
Furthermore the Board has continued discussions with its unsecured
bondholder and its unsecured lender in relation to repayments of
GBP1.0 million originally due on 31 December 2010 (plus accrued
interest) and GBP1.0 million originally due on 4 January 2011.
In the event that Vyke is unable to reach agreement with the
unsecured bondholder and the unsecured lender then the Board will
need to seek alternative sources of funds of which there can be no
guarantee or take steps to protect the interests of creditors.
The Board has also accepted the resignation of Mr Sumeet Bhatt,
non-executive director, effective from 18 March 2011.
----ends----
- For further information please contact: Vyke Communications
plc
Vyke Communications plc
Mohammad Asif, Chief Executive +44 20 3137 1560
Allenby Capital Limited +44 20 3328 5656
Nominated Adviser
Brian Stockbridge / Alex
Price
Threadneedle Communications +44 20 7653 9850
Graham Herring / Terry Garrett
This information is provided by RNS
The company news service from the London Stock Exchange
END
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