Veos PLC
28 June 2002
The issuer advises that the following replaces the Developments Since Suspension
announcement released on 28 June 2002 at 13:21hrs under RNS: 9242X.
The following information was omitted: Point 2 - the date of the resignation of
three non-executive directors and the second paragraph of point 2 that Paul
Lewakowski has agreed to take over as Chief Executive Officer.
All other details remain unchanged. The full amended text appears below.
Veos plc ('Veos' or the 'Company')
Developments since Suspension of Trading on AIM
Resignation of Nominated Adviser
The Company has today announced the following developments since the suspension
of trading in the Company's shares on the Alternative Investment Market of the
London Stock Exchange, which was announced on 31 May 2002:
1) The Company's annual report for the year ended 31 December 2001 will not be
sent to shareholders by the 30 June deadline required under the AIM rules. The
Company is in discussions with a third party regarding a possible acquisition of
the latter by Veos, which would be regarded as a reverse take-over and would
require shareholder approval. These discussions are at an early stage, but they
do create uncertainty regarding the appropriate basis for the preparation of the
accounts. The signing of accounts will therefore be delayed until this
uncertainty can be resolved. No further details are available at this time, but
full disclosure will be made as soon as possible.
2) The Company received on 25 June the resignation of three non-executive
directors, Jan Hall, Philip Sellwood and Robert Fisher. In addition, Peggy
Czyzak-Dannenbaum, Chief Executive Officer, and Robert Wilkinson, Finance
Director, will resign with effect on 31 July 2002.
Paul Lewakowski, currently President of Veos USA Inc., has agreed to take over
as acting Chief Executive Officer. The composition of the new Board will be
announced in due course. The current Board will complete an orderly handover to
a new Board by the end of July 2002.
3) Williams de Broe, the Company's nominated adviser, has notified the Company
of its resignation as nominated adviser, which will become effective on 31 July
2002.
4) The Company has available cash of £60,000 and monthly cash expenditure of
some £5,000. Since the announcement of the suspension of trading, the Board has
not been able to date to secure additional equity funding.
Ends
Enquiries, please contact:
Paul Lever Chairman, Veos plc 020 7960 6066
Peggy Czyzak-Dannenbaum CEO, Veos plc 020 7960 6066
Paul Lewakowski President, Veos USA Inc. 001 847 735 0003
This information is provided by RNS
The company news service from the London Stock Exchange