19 Mar 2015 15:06
19 March 2015
Iafyds PLC, formerly V Phase PLC ("Iafyds" or the "Company")
Update on suspension
The Board of Iafyds is pleased to update the market with news of the search for a new investment.
Background
On 9 February 2015, the Directors of Iafyds announced the suspension of trading in the Company's shares in accordance with Rule 15 of the AIM Rules for Companies ("AIM Rules"), following the failure by the Company to complete an acquisition which constitutes a reverse takeover under the AIM Rules, or otherwise implement its investing policy within 12 months of becoming an Investment Company.
Within that announcement, reference was made to the Company having entered into a Memorandum of Understanding ("MOU") to invest £2.1 million by way of convertible loan into a retail business (the "Target") operating in a clearly defined sub sector of the leisure industry.
Current position
Following the Target losing the opportunity to acquire another business in the leisure industry, which was the principal reason for the Target seeking the investment from the Company, Iafyds is no longer pursuing this prospect.
The board of Iafyds, its advisers and principal shareholder continue to look for suitable investments for the Company. Until such an investment is made the shares of the Company will remain suspended from trading.
For further information please contact:
Iafyds plc:
Clive Carver / Colin Hutchinson c/o +44 (0) 20 7886 2500
Panmure Gordon:
Hugh Morgan +44 (0) 20 7886 2500