Following the announcement made today at 11.49am regarding the
passing of all resolutions at a General Meeting relating to the
placing of New Ordinary Shares, the Company announces that 7198914
Canada, Inc. ("Newco") has missed the payment deadline to invest
£2.0 million in Travelzest as detailed in the circular to
Shareholders dated 5 August 2009 (the "Circular").
Jonathan Carroll and Jack Fraser, two of the five shareholders
in Newco, remain committed to investing on the agreed terms.
The Company has requested that Investec, as agent for the
Company, uses reasonable endeavours to procure placees to
substitute for the £2.0 million which Newco had contracted to
invest. Given the importance to the Company of the Placing, the
Company has today requested the immediate suspension of its
Ordinary Shares from trading on AIM pending clarification of its
financial position.
The Amended Facility Agreement as described in the Circular is
dependent on the Placing. The Company has had positive discussions
with its bankers and certain placees and intends to pursue a
revised Placing.
All capitalised terms in this announcement have the same meaning
as defined in the circular to Shareholders dated 5 August 2009.
For further information contact:
| Travelzest plc |
0207 887 1978 |
| Mark Molyneux / Jack Fraser |
|
| |
|
| Investec Investment Banking |
0207 597 5970 |
| Martin Smith / Duncan Williamson |
|
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