Hirco plc Offer Update (3902O)
19 Septembre 2013 - 8:00AM
UK Regulatory
TIDMHRCO
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
END
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