Further Update re Moshen Limited Investment

06 September 2013

Concha provides the following update regarding its investee company Moshen Limited ("Moshen").

Further to the announcement released on 28 August 2013 regarding Moshen, Concha has been advised that Moshen has now entered administration. The administrators appointed to Moshen have determined that the security granted to Concha in respect of the £300,000 term loan to Moshen is unenforceable and accordingly, the administrators consider that Concha's debt is unsecured. Concha understands that Moshen has no other secured creditors.

Concha is taking legal advice to assess the validity of its security and the likelihood of success of any challenge Concha may make in relation to the determination made by Moshen's administrators regarding Concha's security.

Further updates will be provided as appropriate.

 

Enquiries:

Concha plc
Chris Akers, Executive Chairman
chris.akers@srgplc.com
   
Strand Hanson Limited (Nominated Adviser and Joint Broker)
James Harris
Andrew Emmott
Richie Balmer
Tel: 020 7409 3494
   
PeterHouse Corporate Finance (Joint Broker)
Jon Levinson
Lucy Williams
Tel: 020 7926 0935

 

<< Back to press releases