Statement re. Suspension and

RNS Number : 8731C

TV Commerce Holdings PLC

05 September 2008

 



TV COMMERCE HOLDINGS PLC (THE 'COMPANY')

STATEMENT RE SUSPENSION

AND

TRADING UPDATE

On 26 June 2008, the Company's shares were suspended from trading on AIM pursuant to AIM Rule 19 as it was unable to publish and send its annual audited accounts to shareholders within 6 months of its year end.

The report and accounts for the year ended 31 December 2007 are being posted to shareholders today and the Company has also today released its financial results for the year ended 31 December 2007.

The Company's shares remain suspended pending clarification of the Company's financial position. The suspension will continue until the Company completes a fundraising or an acquisition which constitutes a reverse takeover (as defined by the AIM Rules).

TRADING UPDATE

Following the return of capital to Shareholders on the 17 March 2008, the Company receives limited financial support from a substantial shareholder to meet a shortfall against present requirements, however, the Directors are not satisfied the Company can continue to meet its liabilities when they fall due and are carrying out a more detailed investigation to determine the Company's financial position. In the absence of alternative sources of finance the Company may not be able to continue to operate.

The Company is currently in discussions with its major shareholders and other providers of finance with a view to a fundraising which, if successful, would involve the publication of a circular convening a general meeting to seek the approval of shareholders for a capital reorganisation and a fundraising.

A further announcement will be made in due course.

For further information contact:

Vince Stanzione, CEO		TV Commerce Holdings plc		Tel: [phone]
David Newton, Nominated Adviser		Dowgate Capital Advisers Ltd		Tel: [phone]
Neil Badger, Broker		Dowgate Capital Stockbrokers Ltd		Tel: [phone]

 

END

 

 

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