Room Service Group PLC
01 April 2003
Embargoed - Not to be released until 4.00pm
1st April, 2003
Room Service PLC.
('Room Service' or 'the Company')
Settlement with creditors and resumption of trading on AIM
The Company announced its interim results for the six month period ended 30th
June 2002, on 12th March, 2003. At that time, the directors stated that they
were in advanced negotiations regarding a possible take-over and were seeking to
clarify the Company's financial position.
The Company now announces that the negotiations previously disclosed regarding a
possible take-over have been terminated. The Board continues to seek a suitable
acquisition and hopes to be able to report progress in the near future.
Furthermore, the Company has concluded negotiations with its creditors and
reached agreement with them in respect of their claims.
The Company's creditors are owed, in aggregate, £216,312.35. Hanover Capital
Group PLC, a company whose shares are traded on the Alternative Investment
Market, ('Hanover') has agreed to assume these debts and has agreed terms with
the creditors in full and final settlement of their claims.
Following the assignment of the debts referred to above to Hanover, the Company
will accordingly owe £216,312.35 to Hanover and has agreed with Hanover to
settle that indebtedness in due course by an issue of ordinary shares in the
capital of the Company.
The Company's financial position having been clarified, the directors have
requested that the Company's shares resume trading on AIM. Trading is expected
to commence immediately.
This information is provided by RNS
The company news service from the London Stock Exchange
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