Iconic Labs PLC Adjournment to the GM - Replacement (9835S)
RNS Number : 9835S
Iconic Labs PLC
19 November 2021
For immediate release
The following amendment has been made to the Adjournment to the
GM announcement released on 18 November 2021 at 16:00 under RNS
The date of the further adjourned General Meeting has been
amended to 23 November 2021.
All other details remain unchanged.
ICONIC LABC PLC - IN ADMINISTRATION
The Joint Administrators provide the following update on the
administration and the adjournment of General Meeting:
The General Meeting ("GM") which had been convened for 2.00pm on
Tuesday 15 June 2021 and which was adjourned until Tuesday 17
November 2021 has been further adjourned to 2.00 p.m. on Tuesday,
23 November 2021 to be held at the same place as the GM was
convened, namely the offices of KWM Europe LLP, being the 9th
Floor, 24 Monument Street, London EC3R 8AJ or such other place as
is notified to shareholders.
Proxies that have been submitted for the GM will remain valid
for the adjourned GM and you do not need to submit a new proxy
unless you wish to change how your proxy should vote. However, you
may continue to submit a proxy form for the GM up to 2.00pm on
Friday 19 November2021. Proxy forms must be submitted in accordance
with the instructions set out in the notice of meeting dated 20 May
Progress of the Administration
In accordance with their Report & Proposals, the Joint
Administrators have prepared Draft CVA Proposals which were
circulated to the Board, Arch Capital Partners LLP ("Arch"),
Greencastle Media and EHGOSF on 30 September 2021.
The Joint Administrators understand that negotiations are
ongoing between the Board, EHGOSF and Arch the Secured Creditor.
For a viable CVA proposal to be put to creditors and members, new
funding will be required, or some other arrangement made available,
to enable the Company to make settlement proposals to creditors. A
CVA cannot bind Secured Creditors to the extent that they are
secured. Therefore, a CVA will only be viable if the disputes (or a
means for resolving them) between the Company, EHGOSF and Arch can
It is hoped that the negotiations will be finalised shortly to
enable the CVA Proposals to be finalised and circulated to
creditors and shareholders, who will be entitled to vote at
meetings called for that purpose.
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(END) Dow Jones Newswires
November 19, 2021 06:25 ET (11:25 GMT)
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