AssetCo plc ("the Company")
Further to the announcement made earlier today regarding working capital and Board appointments, dealings in the shares on AIM were suspended at the request of the Company. This was in the light of the uncertainty surrounding the Company following the receipt of a claim from the CEO John Shannon late last night that he was not bound by his irrevocable undertaking to vote in favour of the resolutions at today's general meeting.
Mr Shannon attended the general meeting today and indicated he would vote against the resolutions at the meeting. As a result, the meeting was adjourned for the Company to consider its options and has been reconvened to be held at the same venue at 10.00am tomorrow Tuesday 22nd March 2011.
Without the additional equity funding being forthcoming through the proposed Placing, the Directors believe that it is likely that the Group's banks would withdraw their support which would mean that the Company could not continue in its current form.
The shares will remain suspended until the financial position of the Company is clarified.
For further information please contact:
AssetCo plc +44 (0) 20 8515 3999
Tim Wightman, Chairman
Arden Partners plc +44 (0) 20 7614 5917
Cadogan PR +44 (0) 207 839 9260
This information is provided by RNS
The company news service from the London Stock Exchange