Mobilewave Group PLC suspended from trading on AIM

Mobilewave Group PLC have suspended trading on the Alternative Investment Market (AIM) following a winding-up petition from The Portman Estate Nominees (1) Limited and The Portman Estate Nominees (2) Limited; the landlord of 71 Gloucester Place, London, W1.

The winding-up petition against the mobile solutions company relates to its failure to pay rent, interest, VAT and service charges totaling £69,009.98 and the petition is due to be heard on 4 February 2013. Rory Stear, Chairman of the company, is due to meet with the representatives of the petitioners on Thursday 10 January 2013 to discuss the winding-up petition.

71 Gloucester Place had previously been assigned by the company to Freeplay Market Development Limited in connection with its disposal of the Freeplay business in August 2008. However, as a result of Freeplay’s insolvency and the appointment of an administrator, the company was obliged to take back the property as guarantors.

The company explained that the delay in paying the landlord had arisen as a result of the delay in completing a proposed investment by an Asian based investor in the Convertible Preference Shares of the company. The company’s board have said they remain optimistic that a resolution will be reached with its investor prior to the hearing date for the winding-up petition, which will enable the Company to discharge the outstanding amounts due to the landlord and thus  dispel the winding-up petition.

The danger is of course that should the investor fail to complete its investment before the hearing of the petition, the company will be unable to discharge the outstanding amounts due to the landlord and could therefore be wound up (unless of course it manages to raise funds elsewhere).

In light of the presentation of the winding up petition and the uncertainty as to the outcome of the discussions with the potential investor, the company has requested a suspension of trading of its securities on AIM, pending confirmation of the financing.


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