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On 14 March 2023, Mode Global Limited, a wholly owned subsidiary of Mode Global Holdings Plc, stated it cannot pay its liabilities as they fall due. Its Board requested Antony Batty of Antony Batty & Company LLP to act as a Nominee for Company Voluntary Arrangement (CVA) Proposals and file them in Court. Meetings of creditors to consider these CVA Proposals are scheduled for 5 April 2023.
| Date | 14 Mar 2023 |
| Time | 12:41:20 |
| Category | Miscellaneous |
| ID | 9459S |
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 |