RNS Number : 8530T
Sarantel Group PLC
25 November 2013
 



For immediate release

25 November 2013

 

Sarantel Group Plc

("Sarantel" or the "Company")

Result of General Meeting

Issue of Equity

Board Changes

Amended Interim Results

 

On 8 November 2013 the Board of Sarantel posted a circular to Shareholders (the "Circular") setting out details of a proposed refinancing of the Company, a capital reorganisation and proposed adoption of an Investing Policy (the "Proposals"). Other than where stated, capitalised terms used in this announcement shall have the same meaning as defined in the Circular.

 

At the General Meeting held earlier today, all resolutions were duly passed. As a result, the Company will complete the capital reorganisation and will now operate in line with the investing policy proposed in the Circular.

 

As an investing company, Sarantel will be required to make an acquisition which constitutes a reverse takeover under the AIM Rules or otherwise implement its investing policy within 12 months of 4 October 2013, the date on which PWC entered into a sale agreement for the sale of Sarantel Limited's business and assets, failing which, the Company's Ordinary Shares would then be suspended from trading on AIM. If the Company's Investing Policy has not been implemented within 18 months of the Sale the admission to trading on AIM of the Ordinary Shares would be cancelled and the Directors will convene a general meeting of the Shareholders to consider whether to continue seeking investment opportunities or to wind up the Company and distribute any surplus cash back to Shareholders.

 

Following completion of the Subscription and Admission, the Company will have 610,730,177 New Ordinary Shares (comprising 610,711,787 New A Ordinary Shares and 18,390 New B Ordinary Shares) in issue with voting rights and admitted to trading on AIM. This figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Service Authority's Disclosure and Transparency Rules.

 

Application for admission to trading on AIM has been made to the London Stock Exchange in respect of the New Ordinary Shares, with admission expected to take place on 26 November 2013.

 

The new ISIN for the new "A" Ordinary Shares is GB00B9MRZS43. The new ISIN for the new "B" Ordinary Shares is GB00B95LYS62.

 

Trading in the Ordinary Shares on AIM, which has been suspended since 29 May 2013 pending clarification of the financial position of the Company, is also expected to recommence on 26 November 2013.

 

On and subject to Admission, Oliver Leisten, Philip David, Nicola Malyon and Geoff Shingles will resign from office and Messrs David Lenigas and Donald Strang will be appointed to the Board.   Following Admission, the New Board will consist of:  David Lenigas as Non-executive chairman, Donald Strang as Non-executive director and David Wither as Non-executive director. 

 

David Lenigas (proposed Non-executive Chairman), aged 52

 

Mr. Lenigas has extensive experience operating in global public markets having served in a senior executive capacity on many public company boards. He is currently the Executive Chairman of Rare Earth Minerals Plc, Leni Gas and Oil Plc, AfriAg Plc, Solo Oil Plc, Inspirit Energy Holdings Plc and various other AIM companies. He has also served as Executive Chairman of London listed Lonrho plc for six years up to September 2012 and was responsible for Lonrho plc's expansion into over 20 countries in Africa in sectors covering agriculture, infrastructure, hotels, IT and aviation.

 

Donald Strang (proposed Non-executive Director), aged 45

 

Mr. Strang is a member of the Australian Institute of Chartered Accountants and has been in business over 20 years, holding senior financial and management positions in both publicly listed and private enterprises in Australia, Europe and Africa. Mr. Strang has considerable corporate and international expertise and over the past decade has focused on mining and exploration activities in the oil and gas and natural resources sectors. He is currently finance director for AfriAg Plc, Rare Earth Minerals Plc, Polemos Plc, Doriemus Plc and Stellar Resources Plc.

 

Further information in accordance with the AIM Rules on Messrs David Lenigas and Donald Strang is set out in Appendix 1 below.

 

Amended interim results for the six months to 31 March 2013

 

On 8 November 2013 Sarantel published its unaudited interim results for the six month period ended 31 March 2013 (the "Period"). The Company is today publishing amended interim results for the Period ("Amended Interims"). As the Company was informed by PWC that the Company should not expect to receive any amount from the sale of Sarantel Limited's business and assets, the value of Sarantel Limited in the Group's consolidated accounts has been written down to nil and this has been reflected in the Amended Interims as set out in Appendix 2 below.

 

Enquiries:

Sarantel Group PLC


David Wither

Tel: 07974 352236

Beaumont Cornish (Nominated Adviser)


Roland Cornish / Michael Cornish / Emily Staples

Tel: 020 7628 3396

 









 


Appendix 1

Further information required under the AIM Rules

 

Donald Strang

Donald Ian George Layman Strang, aged 45, is interested in 73,333,334 New Ordinary Shares, representing 12 per cent. of the Company's Enlarged Issued Share Capital.

 

Donald Strang has held the following directorships and /or partnerships in the last 5 years:

 

 

Polemos Plc

Leni Gas & Oil Plc

Stellar Resources Plc

Vatukoula Gold Mines Plc

AfriAg Plc

Lonrho Ltd (formerly Lonrho Plc)

Doriemus Plc

CSS Stellar Plc (now Stellar Resources Plc)

Rare Earth Minerals Plc                                               

Green Park Finance plc

Central African Investments Plc

Compania Petrolifera de Sedano S.L.

Jubilee Gold Ltd

Leni Trinidad Ltd


Strang Corporation Pty Ltd

 

David Lenigas

David Anthony Lenigas, aged 52, is interested in 73,333,334 New Ordinary Shares, representing 12 per cent. of the Company's Enlarged Issued Share Capital.

 

David Lenigas has held the following directorships and /or partnerships in the last 5 years:

 

Inspirit Energy Holdings plc

Lonrho Air Three (BVI) Limited

Leni Gas & Oil plc

Lonrho Aviation (BVI) Limited

Leni Trinidad Ltd

Lonrho Air (2) (BVI) Limited

Compania Petrolifera de Sedano S.L.

Five Forty Africa (BVI) Limited

Polemos plc

Lonrho Air Africa (BVI) Limited

AfriAg plc

Lonrho Air (BVI) Limited

Central African Investments plc

Five Forty Aviation Limited

Solo Oil (Argentina) Limited

FastJet plc

Stellar Resources Plc

Lonrho Mining Limited (now Lucapa Diamond Company Ltd)

Solo Oil International Limited

Reef Resources Limited

REM Mexico Limited

Tanzania Machines Limited

Rare Earth Minerals plc (formerly Zest Group plc)

Tanzania Harvest Limited

Active Resource Realisation Fund

Lonrho Ports Ghana Limited

Solo Oil plc (formerly Immersion Technologies International plc)

Lonrho Ghana Ports Limited

Rare Earth Resources Ltd

LonAgro (SS) Limited

Benson Global Trading Limited

Buchanist Limited (formerly AfriAg Limited)

RET Services Limited

Rare Earth Resources Limited

Lon Agro Tanzania Limited

Yuagong (Pty) Limited

Lonrho Hotels Nigeria Limited

Lonrho Hotels DRC Limited

Lonrho Hotels SA Limited

Lonrho Hotels Ghana Limited

Lonrho Hotels Kenya Limited

Lanitrim (Pty) Limited

Caropix (Pty) Limited

Lonrho Investments Limited (formerly Lonrho African (Investments) Ltd)

Lonrho Support Limited (formerly Lonrho Holdings Limited)

Swissta Holdings Limited

Lonrho Plc (now Lonrho Limited)

Lonrho Africa (Holdings) Limited

Strenner Holdings Limited

Lonrho Ports Limited

Oceanfresh Seafoods (UK) Limited

Lonrho Resources Ltd

Lonrho Finance Ltd

Lontel Ltd

Lonrho Water Limited

Fresh Direct Limited

Lonrho Oil (Malawi) Limited

Lonrho Infrastructure (BVI) Limited

Lonrho Hotels Congo (BVI) Limited

Indit Technology Distribution (Pty) Limited

Complete Enterprise Solutions South Africa

Lonrho Hotels Management Services (BVI) Limited

Lonrho Agriculture Angola Limited

Rollex (Pvt) Limited

Rollex (Pty) Limited

e-Kwikbuild Housing Company (Pty) Limited

Lonrho Management Services Limited

Lonrho Zimbabwe Management Services (Pvt) Limited

Lonrho Africa Management Services (Zimbabwe) Ltd

Lonrho Africa Motor Sales Limited

Norse Air Limited

South African Independent Liners Services (Pty) Limited

Lonrho Africa Holdings BV

Lonrho Springs BV

Lonrho Air BV

Lonrho Ports BV

Lonrho Africa Hotels BV

Lonrho Hotels BV

Lonrho Hotels Mozambique BV

Lonrho Africa Agribusiness BV

Lonrho Africa Distributors BV

Lonrho Africa Food Processing BV

Lonrho Africa Motors BV

Lonrho Distributors BV

Lonrho Motors BV

Lonrho Agribusiness Limited

Laytons Offshore Limited

Lonrho Equipment Limited

Mozambique Machines Limited

Crop Harvest Limited

Oceanfresh Seafoods (Pty) Limited

Cultivate Harvest Limited

LAH Jersey Limited

Protea Seafoods

Hotel Accommodation Limited

Afex Holdings Limited

Lonrho Water Limited

Africa Expeditions Limited

Africa Expeditions TZ Limited

Africa Expeditions Uganda Limited

Best In Tents Limited

Global Horizons Limited

Lonrho Hotels Limited

LAH Mozambique Hotels Limited

DRC Hotels Limited

Lonrho Ports & Infrastructure Limited

Lonrho Infrastructure Limited

Lonrho Ports Limited

LAH Jersey 2 Limited

Fish On Line (Pty) Limited

Lonrho Support Services Limited

Lonrho Integrated Support Services Limited

Lonrho Hotels (Holdings) Limited

Lonrho Budget Hotels Limited

Lonrho IT Limited

LAH Jersey 3 Limited

Lonrho Transport Limited

Lonrho Logistics (Pty) Limited

Luba Freeport Limited

Lonrho South Africa (Pty) Limited

Lonrho Management South Africa (Pty) Limited

Lonrho Projects South Africa (Pty) Limited

Lonrho Projects Consulting (Pty) Limited

Lonrho Projects Agri (Pty) Limited

Lonrho Energy (Pty) Limited

Lonrho Securitec (Pty) Limited

Lonrho Amathonga Hotels (Pty) Limited

Swissta Mozambique Lda

Sociedade Comercial Bytes & Pieces Limitada

Cambria Africa plc (formerly LonZim plc)

Blueberry International Services Limited

Wardlaw (1989) Limited

Le Har (Pvt) Limited

Rex Mining (Pvt) Limited

Peak Mines (Pvt) Limited

Gardoserve (Pvt) Limited

Celsys Limited

ForgetMeNot Africa Limited

Lonzim Agribusiness (BVI) Limited

Quickvest 525 (Pty) Limited

Lonzim Air (BVI) Limited

Southern African Management Services

Paynet Limited

African Solutions Limited

Medalspot (Pvt) Limited

Blueberry Print (Zambia) Limited

Morningdale Properties (Pvt) Limited

Lanuarna Enterprises (Pvt) Limited

LonZim Hotels Limited

Celsys Zambia Limited

WS Foods (Pty) Ltd

Linus Business Options (Private) Limited

Firstfood Enterprises (Private) Limited

Chenyakwaremba Farm (Private) Limited

Leopard Rock Hotel Company (Pvt) Ltd

Lyons Africa Holdings Limited

Lonzim Properties Limited (now Millchem Holdings Limited)

Lonzim Holdings Limited

Micobe Property Development Limited

Lonrho Properties Zimbabwe (Pvt) Ltd

Sindu Properties (Private) Limited

One Hundred & Seventeen Baines Avenue (Private) Ltd

Sol Aviation Company Limited

670 Plc

Zest Music Limited

Zest Songs Limited

Zest Entertainments Limited

Reggae Tunes Limited

Complete Enterprise Solutions Limited

Aldeamento Turistico de Macuti, SARL

Lonrho Auto Distributors Limited

Textile Investment Company Limited

River Diamonds UK Limited

Vatukoula Gold Pty Ltd (formerly Westech Gold Pty Ltd)

Vatukoula Finance Pty Ltd (formerly Westech Finance Pty Ltd)

Vatukoula Australia Pty Ltd (formerly Westech Australia Pty Ltd)

Zimbabwean Investments Ltd

Lonrho Springs Limited

Lonzim Management Limited

Templar Minerals Limited

Vatukoula Gold Mines plc (formerly River Diamonds plc)

Byron Energy Pty Ltd

Lonrho Jersey Limited

Vatukoula Gold Mines Ltd

Jubilee Mining Ltd

Koula Mining Ltd

Our Forgotten Children Limited

Hot Tuna (International) Inc

BDI Mining Corp (formerly BM Diamondcorp Inc)

Deepgreen West Virgina Inc

GCM Resources plc

Asia Energy Corporation (Bangladesh) Pty Ltd

Asia Energy Corporation Pty Ltd

Concha plc (formerly Hot Tuna (International) plc)

Lonrho Fresh

 

David Lenigas was a director of SA Independent Liner Services Pty Ltd ("SAILS") when it was placed into liquidation on 15 October 2008. SAILS was a subsidiary within the Lonrho Plc group of companies ("Lonrho Group"). A unanimous board resolution placed SAILS into Liquidation, the Lonrho Group being the major creditor, with the liquidated business being shown as a discontinued activity in the historic financial statements of the Lonrho Group.

 

David Lenigas was a director of Norse Air Limited ("Norse") which was placed into liquidation on 20 December 2010. At the point of liquidation Norse was a wholly-owned subsidiary within the Lonrho Group and was placed into liquidation by a unanimous board resolution of Norse, with this business being shown as a discontinued activity in the historic financial statements of Lonrho Group.

 

There is no further information on David Lenigas or Donald Strang required to be disclosed under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies.



 

Appendix 2

Amended interim results for the six months to 31 March 2013

Unaudited Consolidated statement OF COMPREHENSIVE INCOME

for the six months ended 31 March 2013

 


Note

Six months to 31 March

 2013

Six months to
31 March

 2012

12 months to

30 September 2012



£'000

£'000

£'000






Revenue

3

1,490

888

2,967






 Cost of sales 


651

635

1,649






Gross profit


839

253

  1,318






Research and development costs


584

665

1,300






Selling and distribution costs


264

283

564






Administration costs


3,778

1,042

1,906






Total operating costs


4,626

1,990

3,770

Operating loss


(3,787)

(1,737)

(2,452)






Operating loss before depreciation and  amortisation


(722)

(1,513)

(2,032)

Exceptional non-recurring costs

2

(2,867)

-

-

Depreciation and amortisation


(198)

(224)

(420)






Finance and other income


0

5

5

Finance and other costs


(25)

(6)

(38)






Loss before tax 


(3,812)

(1,738)

(2,485)






Tax

4

80

125

199






Loss for the period


(3,732)

(1,613)

(2,286)

Other comprehensive income


-

-

-

Total comprehensive loss for the period


(3,732)

(1,613)

(2,286)

 

Basic and diluted loss per share

5

(0.5)p

(0.2)p

(0.3)p

 

 

 


Unaudited Consolidated balance sheet

as at 31 March 2013

 


 

 

Note

As at

31 March

 2013

As at
31 March

 2012

As at

30 September 2012



£'000

£'000

£'000

Assets





Non-current assets





Intangible assets


-

1,684

1,730

Property, plant and equipment


-

209

168






Total non-current assets


-

1,893

1,898






Current assets





Inventories


-

545

602

Trade and other receivables


298

580

767

Current tax


80

279

188

Cash and cash equivalents


93

262

111

                                               





Total current assets


471

1,666

1,668

Total assets


471

3,559

3,566











Current liabilities





Trade and other payables


818

1,124

1,004

Amounts due under invoice financing facility


342

108

336

Total current liabilities


1,160

1,232

1,340

 

Non-current liabilities





Amounts due under loan agreements


2,000

700

1,200

Other payables


-

2

1

Total liabilities


3,160

1,934

2,541






Equity





Share capital

6

11,318

11,318

11,318

Share premium


18,969

18,969

18,969

Share scheme reserve


866

775

848

Warrant reserve


76

76

76

Merger reserve


13,390

13,390

13,390

Retained loss


(47,308)

(42,903)

(43,576)

Total equity


(2,689)

1,625

1,025






Total liabilities and equity


471

3,559

3,566


unaudited CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the six months to 31 March 2013

 


Share capital

Share premium

Share scheme reserve

Warrant reserve

Merger reserve

Retained earnings

Total

 equity


     £'000

     £'000

  £'000

     £'000

   £'000

        £'000

     £'000

For the six months to

31 March 2013








At 1 October 2012

11,318

18,969

848

 

76

13,390

(43,576)

1,025

Loss after tax

-

-

-

-

-

(3,732)

(3,732)

Total comprehensive income for the period

-

-

-

-

-

(3,732)

(3,732)

Share based payments

-

-

18

-

-

-

18

Transactions with owners

-

-

18

-

-

-

18









At 31 March 2013

11,318

18,969

866

76

13,390

(47,308)

(2,689)









For the six months to

31 March 2012








At 1 October 2011

11,318

18,969

728

 

76

13,390

(41,290)

3,191

Loss after tax

-

-

-

-

-

(1,613)

(1,613)

Total comprehensive income for the period

-

-

-

-

-

(1,613)

(1,613)

Share based payments

-

-

47

-

-

-

47

Transactions with owners

-

-

47

-

-

-

47









At 31 March 2012

11,318

18,969

775

76

13,390

(42,903)

1,625









For the 12 months to

30 September 2012








At 1 October 2011

11,318

18,969

728

76

13,390

(41,290)

3,191

Loss after tax

-

-

-

-

-

(2,286)

(2,286)

Total comprehensive income for year

-

-

-

-

-

(2,286)

(2,286)

Share based payments

-

-

120

-

-

-

120

Transactions with owners

1,529

1,735

120

-

-

-

120









At 30 September 2012

11,318

18,969

848

76

13,390

(43,576)

1,025

 

 

 

 

 

Unaudited CONSOLIDATED CASH FLOW STATEMENT

for the six months ended 31 March 2013

 


Six months to 31 March

 2013

Six months to 31 March

 2012

12 months to 30 September

 2012


£'000

£'000

£'000

Operating activities




Loss before tax

(3,812)

(1,738)

(2,485)

Adjustments for non-cash items:




Depreciation and amortisation

163

199

390

Depreciation absorbed to cost of sales

35

25

30

Write off of subsidiary assets

  2,867

-

-

Investment revenue

-

(5)

(5)

Finance lease interest

32

6

30

Share based payment

18

47

120

Decrease/(increase) in inventories

132

(199)

(256)

(Increase)/decrease in trade and other receivables

(16)

104

(83)

(Decrease)/increase in trade and other payables

(186)

292

172

Taxation received

187

-

165

Net cash outflow from operating activities 

(580)

(1,269)

(1,922)





Investing activities




Interest received and similar income

-

5

5

Payments to acquire intangible assets

(198)

(179)

(362)

Payments to acquire property, plant and equipment

(12)

(27)

(45)

Net cash used in investing activities

(210)

(201)

(402)

Cash outflow before financing

(790)

(1,470)

(2,324)





Financing activities




Finance lease interest paid

(33)

(6)

(29)

Loans received

800

700

1,200

Capital element of finance lease rentals

(1)

(14)

(15)

Net cash inflow from financing activities

766

680

1,155




Net decrease in cash and cash equivalents

(24)

(790)

(1,169)





Cash and cash equivalents at start of period

(225)

944

944





Cash and cash equivalents at end of period

(249)

154

(225)

 

Analysis

Cash and cash equivalents

93

262

111

Amounts due under invoice financing facility

(342)

(108)

(336)

Net cash and cash equivalents

(249)

154

(225)

 

 

Notes to the Unaudited interim FINANCIAL STATEMENTS

for the six months ended 31 March 2013

1              Basis of preparation

These unaudited condensed consolidated interim financial statements of Sarantel Group PLC are for the six months ended 31 March 2013. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 30 September 2012.  The financial information for the year ended 30 September 2012 set out in these interim consolidated financial statements does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.  The Group's statutory financial statements for the year ended 30 September 2012 have been filed with the Registrar of Companies.  The auditor's report on those financial statements was unqualified and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. However, it did include an emphasis of matter statement relating to going concern.

These interim consolidated financial statements have been prepared on the basis of the Group's accounting policies.  These are set out in its Annual Report and Accounts for the year ended 30 September 2012 which is available on the Group's website (www.sarantel.com). 

 

The Administration and subsequent sale of Sarantel Limited resulted in the disposal of the Group's entire Operating Business and, as such, constituted a fundamental change of business, resulting in the Company becoming an Investing Company under the AIM Rules. Furthermore, Rule 15 of the AIM Rules requires the Company to state its Investing Policy and to obtain approval from the Shareholders of that Investing Policy going forward.

 

The Board announced on 8 November 2013 that it had posted a circular to Shareholders setting out details of a proposed refinancing of the Company, a capital reorganisation and proposed adoption of an Investing Policy for presentation at a General Meeting on 25 November 2013.

 

The directors believe this option is in the best interest of shareholders, and is required to enable the Company to remain a going concern. At the time of this interim announcement, acceptance of the above proposal is subject to shareholder approval. Whilst this indicates a material uncertainty which may cast significant doubt on the ability of the Group to remain a going concern, the directors have reasonable expectation that shareholder approval will be gained.  These interim results therefore do not include any adjustments that would result if the going concern basis of preparation was not appropriate.

 

2              Exceptional non-recurring costs

On 13 June 2013 the Group's only trading subsidiary, Sarantel Limited, went into Administration and the assets of that company were subsequently sold by the Administrator. There were insufficient receipts from the sale of those assets to settle the liabilities of that company and so there was no residual value due to Sarantel Group Plc as the shareholder.

The assets of Sarantel Limited at 31 March 2013 included in this consolidated interim statement are required to be written down to their recoverable amount to the Group. These include intangible assets, property plant and equipment, inventory and debtors. The directors have been unable to obtain information on the sales proceeds received by the Administrator for these assets. Therefore, as there were no ultimate proceeds to Sarantel Group Plc from these disposals, the assets have been written down to nil where there is no other information available.

The impact of these write downs was a non-cash charge to the consolidated profit and loss of £2.87m.

3              Revenue


Six months to

31 March
2013

Six months to

31 March
2012

12 months to

30 September 2012


Unaudited

Unaudited

Audited


£'000

£'000

£'000





Sales of antennas

1,447

781

2,814

Sales of consumables

43

86

124

Sale of Non-Recurring Engineering services (NRE)

0

21

   29





Total revenue

1,490

888

2,967

 

All revenue originates from the UK.

 

4              Tax


Six months to 31 March

 2013

Six months to 31 March

 2012

12 months to 30 September

 2012


£'000

£'000

£'000





UK corporation tax based on the results for six months to 31 March 2013

(80)

(113)

(188)

Adjustment in respect of prior year

-

(12)

(11)





Total tax credit

(80)

(125)

(199)





The taxation credit arises in respect of research and development expenditure and is subject to agreement with H M Revenue and Customs.

5              Loss per share

The calculation of basic loss per share is based on the loss attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period. 

 


Six Months to 31 March

 2013

Six Months to 31 March

 2012

12 Months to 30 September

 2012


£'000

£'000

£'000





Loss for the period

(3,732)

(1,613)

(2,286)

Weighted average number of shares (thousands)

830,476

830,476

830,476

Basic and diluted loss per share*

(0.5)p

(0.2)p

(0.3)p

* The effect of options and warrants are anti-dilutive.

6              Share capital


As at  31 March

2013

As at  31 March

2013

As at  31 March

2012

As at  31 March

2012

 

As at  30 September

2012

 

As at  30 September 2012


Number

£'000

Number

£'000

Number

£'000








Allotted, called-up and fully paid:

 






A ordinary shares of £0.001 each

 

829,439,991

829

829,439,991

829

829,439,991

829

B ordinary shares of £0.001 each

 

1,036,340

1

1,036,340

1

1,036,340

1

Deferred shares of  £0.001 each

 

10,487,624,769

10,488

10,487,624,769

10,488

10,487,624,769

10,488


11,318,101,100

11,318

11,318,101,100

11,318

11,318,101,100

11,318

 

7              Share options


As at 31

March

2013

As at 31

March

2013

As at 31

March

2012

As at 31

March

2012

 

As at 30 September

2012

 

As at 30 September 2012


Number

Weighted average exercise price (p)

Number

Weighted average exercise price (p)

Number

Weighted average exercise price (p)








Number of share options at beginning of period

85,715,130

0.8

85,715,130

0.8

85,715,130

0.8

Options granted during the period

-

-

-

-

-

-

Options lapsed and surrendered

-

-

-

-

(2,745,085)

1.0

Balance at end of the period

85,715,130

0.8

85,715,130

0.8

82,970,045

0.6








8              Post balance sheet events

On 29 May 2013 the Board of Sarantel and Sarantel Limited received a letter of demand from Harris Corporation (Harris), for the immediate repayment of the secured HSBC loan facility of £2m (plus £17k interest) which has been fully drawn down. Security for the HSBC loan facility was provided by Harris, in return for which Sarantel Limited, inter alia, granted a debenture in favour of Harris which contained fixed and floating charges over the assets and undertaking of Sarantel Limited, including its intellectual property portfolio.

 

As a result of this demand, the Board filed a notice of intention to appoint an administrator to Sarantel Limited.

 

The Board's efforts to secure funding for the continuing operations of the Group were unsuccessful and, on 13 June 2013, the Group's operating subsidiary, Sarantel Limited, was placed into administration with PricewaterhouseCoopers LLP (PWC) appointed as Administrator.

The Administrator subsequently sold the assets of the company and has informed the Board that there will be no residual amount payable to Sarantel Group Plc.

A copy of this announcement is available from the Group's website, www.sarantel.com

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