Rule 15

26 October 2017

Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR)

Further to the announcements made previously regarding the status of Concha's investment in Ve Interactive Limited ("Ve") and the consequent write-down in value of Concha's investment in Ve, Concha is now deemed to be an AIM Rule 15 Cash Shell.

Under the AIM Rules, as a Rule 15 Cash Shell, Concha has six months from the date it became an AIM Rule 15 Cash Shell to make an acquisition or acquisitions that constitute a reverse takeover ("RTO") in accordance with AIM Rule 14 or convert into an AIM Rule 8 Investing Company (including the associated raising of funds as specified in AIM Rule 8) ahead of that time otherwise its shares will be suspended from trading on AIM. Concha became an AIM Rule 15 Cash Shell on 3 October 2017.

Your Board will now consider the merits of either becoming an AIM Rule 8 Investing Company or migrating its listing to an alternative exchange in order to further its preferred strategic direction of being able to secure "early stage" equity interests in innovative concepts of a disruptive nature where the opportunities for growth and mass user adoption are significant. In addition, full consideration will be given to the opportunities for completing an RTO prior to its shares being suspended from trading on AIM.

Whilst your Board acknowledges the regulatory interpretation of recent events at Ve, it will ensure that the opportunities which your Board has identified will be retained and that its strategy of restoring shareholder value will be preserved.  In addition, Concha will continue to monitor the actions and progress of those former shareholder initiatives which seek to challenge the role and appointment of the Administrator in the insolvency process of Ve. An indicative ruling in respect of the first of these challenges is expected prior to the end of this year, the outcome of which will provide important direction as to the extent of any future involvement Concha may have in supporting these actions.

Further announcements will be made in due course, as appropriate.

 

For further information, please contact:

Concha PLC
Chris Akers, Chairman
chris.akers@srgplc.com
   
SPARK Advisory Partners Limited (Nominated Adviser)
Sean Wyndham-Quin/Mark Brady
+44 (0) 203 368 3550

 

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