General Meeting

RNS Number : 3205D

AssetCo PLC

21 March 2011

 



21 March 2011

AssetCo plc ("the Company")

General Meeting

Further to the announcement made earlier today regarding working capital and Board appointments, dealings in the shares on AIM were suspended at the request of the Company. This was in the light of the uncertainty surrounding the Company following the receipt of a claim from the CEO John Shannon late last night that he was not bound by his irrevocable undertaking to vote in favour of the resolutions at today's general meeting.

Mr Shannon attended the general meeting today and indicated he would vote against the resolutions at the meeting. As a result, the meeting was adjourned for the Company to consider its options and has been reconvened to be held at the same venue at 10.00am tomorrow Tuesday 22^nd March 2011.

Without the additional equity funding being forthcoming through the proposed Placing, the Directors believe that it is likely that the Group's banks would withdraw their support which would mean that the Company could not continue in its current form.

The shares will remain suspended until the financial position of the Company is clarified.

For further information please contact:

AssetCo plc	[phone]
Tim Wightman, Chairman
Arden Partners plc	[phone]
Richard Day
Steve Douglas
Cadogan PR	[phone]
Alex Walters

 

END

 

 

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