Rotala plc
11 April 2005
FOR IMMEDIATE RELEASE 11 April 2005
ROTALA PLC ('ROTALA' or the 'Company')
Statement regarding suspension
ROTALA (AIM: ROL) announces that it has advanced funds to Flights Corporate
Transfers Limited ('Flights Corporate) by way of a £175,000 term loan to be
employed by Flights Corporate for working capital purposes (the 'Loan').
ROTALA also announces that the Company has entered into a period of exclusivity
with the shareholders of Flights Corporate and Flights Hallmark Limited ('
Flights Hallmark') in connection with a possible strategic collaboration with
both Flights Hallmark and Flights Corporate which may or may not lead to a
reverse transaction pursuant to the AIM Rules. As a consequence of ROTALA
entering into these arrangements and the Company's recent share price
appreciation, the Board has requested that the London Stock Exchange suspends
trading in the Company's shares until the nature of any future strategic
collaboration can be clarified.
Flights Hallmark and Flights Corporate supply, inter alia, airport transfers and
chauffeur services throughout the UK. Flights Hallmark and Flights Corporate are
both owned by private shareholders.
The Loan agreement provides for ROTALA having advanced Flights Corporate a term
loan of £175,000, repayable on 31 December 2005 at an interest rate of 8% plus a
non-material arrangement fee. The agreement includes a 90 day grant of
exclusivity over Flights Hallmark and Flights Corporate for the purposes of the
Company conducting a due diligence exercise which may or may not lead to a
strategic collaboration which would be determined as a reverse transaction
pursuant to the AIM Rules. To date, no heads of agreement (binding or otherwise)
has been entered into in relation to either Flights Hallmark or Flights
Corporate and no consideration terms have been discussed.
- Ends -
For further information please contact:
John Gunn, Non-executive Chairman, Rotala plc T: 020 7236 6236
Grant Harrison/Katherine Roe, Durlacher T: 020 7459 3600
Nick Fox, M:Communications T: 020 7153 1540
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.