MODE.L

R8 Capital Investments plc
Mode Global Holdings - Mode Subsidiary files for CVA
14th March 2023, 12:41
TwitterFacebookLinkedIn
To continue viewing RNS, please confirm that you are a Private Investor*

* A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

  1. Obtains access to the information in a personal capacity;
  2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
  3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
  4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
  5. Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
  6. Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
RNS Number : 9459S
Mode Global Holdings PLC
14 March 2023
 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION 

14 March 2023

Mode Global Holdings Plc

("MODE" or the "Group")

Mode subsidiary files for CVA

Following the announcement of 19th January 2023 regarding the unsuccessful funding, the Group has been winding down the operations of its Regulated subsidies, Fibermode Limited, Greyfoxx Limited  and JGOO Limited. The Company's wholly owned subsidiary, Mode Global Limited which employed all staff and contracted for all operational costs on behalf of the trading companies, will not be able to recover the amounts due from the subsidiaries for the provision of these services. As a result, Mode Global Limit  cannot pay its liabilities as they fall due.

Accordingly, the Board of Mode Global Limited has today requested that Antony Batty of Antony Batty & Company LLP acts as a Nominee of Company Voluntary Arrangement ("CVA") Proposals and file the Proposals in Court along with a Nominee's Report. Meetings of creditors to consider the CVA Proposals will be held on 5 April 2023.  The Board of MGL will continue to engage with its creditors to ensure the process is as smooth as possible.

The Directors of Mode Global Holdings will continue to look for ways to extract value and seek out options for the future of the Group.

Enquiries:

Mode Global Holdings PLC

Jonathan Rowland / Richard Morecroft

info@modeapp.com

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCEAADLFDXDEFA ]]>
TwitterFacebookLinkedIn