Further Update re Moshen Limited Investment

28 August 2013

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

Further to the announcement released yesterday regarding Moshen, Concha has been informed that the board of Moshen intends to appoint a firm of insolvency practitioners without delay to assess the potential recovery of value, if any, for creditors and shareholders.

Chris Akers, Executive Chairman of Concha, is Concha's representative on the board of Moshen and is currently the sole acting director following the suspension of the Chief Executive on Friday 23 August 2013.

Concha is also taking separate independent legal advice regarding the recovery of value in respect of the equity and debt that it has provided to Moshen, including £300,000 in the form of a secured term loan.  The Company understands that it is the only secured creditor of Moshen.

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

 

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