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Vyke Communications (VYKE)

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Friday 18 March, 2011

Vyke Communications

Resignation of nominated adviser and joint broker

RNS Number : 1830D
Vyke Communications PLC
18 March 2011
 



 

18 March 2011

 

Vyke Communications plc

("Vyke" or the "Company")

 

 

Resignation of Nominated Adviser and Broker

Update on discussions with lenders

 

The Board of Vyke (the "Board")announces that Allenby Capital Limited has resigned as Nominated Adviser and Joint-broker to the Company with effect from 7:30am today, 18 March 2011.

The Company has already commenced a search for a new nominated adviser but, pending this appointment, the Company's shares ("Ordinary Shares) will be suspended from trading on AIM with immediate effect.  In the event that a new nominated adviser is not appointed within one calendar month then the trading in the Company's shares on AIM will be cancelled pursuant to Rule 1 of the AIM Rules for Companies.

The Board of Vyke also announces that, following the announcement made on 1 March 2011, it has progressed discussions with BLS TEL Holdings LLC regarding the termination of the joint venture agreement entered into on 12 July 2010 with Bonjour Europe Limited, a wholly owned UK subsidiary of BLS TEL Holdings LLC (the "Agreement") but the Agreement has not been terminated to date.  Furthermore the Board has continued discussions with its unsecured bondholder and its unsecured lender in relation to repayments of £1.0 million originally due on 31 December 2010 (plus accrued interest) and £1.0 million originally due on 4 January 2011. 

In the event that Vyke is unable to reach agreement with the unsecured bondholder and the unsecured lender then the Board will need to seek alternative sources of funds of which there can be no guarantee or take steps to protect the interests of creditors.

The Board has also accepted the resignation of Mr Sumeet Bhatt, non-executive director, effective from 18 March 2011.

 ----ends----

 

 

- For further information please contact: Vyke Communications plc

 

Vyke Communications plc

Mohammad Asif, Chief Executive

 

 

+44 20 3137 1560



Allenby Capital Limited

+44 20 3328 5656

Nominated Adviser

Brian Stockbridge / Alex Price






Threadneedle Communications

+44 20 7653 9850

Graham Herring / Terry Garrett

 

 

 


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