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Hirco plc (HRCO)

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Thursday 19 September, 2013

Hirco plc

Offer Update

RNS Number : 3902O
Hirco plc
19 September 2013
 

 

HIRCO PLC ("Hirco" or the "Company")

 

Update re potential offer

 

 

 

The Company announces that the potential offer for projects held through the Burke companies, which was referred to in the Company's announcement of 15 August 2013, has not been made in accordance with the envisaged time parameters and Hirco's Directors believe, based on their discussions with representatives of the Hiranandani family, that it will not be made as previously notified.

 

The Board of Hirco continues to seek clarity on its financial position as a result of the potential enforcement matters outlined in its 15 August announcement.  Despite recent meetings in India with various project lenders and representatives of the Hiranandani family as well as through legal means in India, to date the Board has been unable to obtain full clarity as to the current status of the potential enforcement actions and their possible effect on the value of the Company's participating preference shares held in the Mauritius entities.

 

The Company will continue to pursue redress through the litigation and arbitration proceedings which are ongoing including pursuing personal claims for damages as a result of alleged serious misconduct on the part of the Company's former Chairman, Niranjan Hiranandani and the Company's former CEO, Priya Hiranandani.

 

In light of the above, the Company remains unable to make a full announcement in accordance with AIM Rule 10 and the suspension of trading in its shares on AIM will continue until it is in a position to do so.

 

For further information please contact:

 

IOMA Fund & Investment Management Limited                        Tel: +44 (0)1624 681250

Philip Scales

 

N+1 Singer                                                                               Tel: +44 (0) 20 7 496 3000

James Maxwell/Nick Donovan 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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