Innov8 Social Media PLC
Innov8 Social Media PLC: Shareholder Update and News on Suspension
Innov8 Social Media PLC / Key word(s): Miscellaneous 25.06.2012 / 11:05 --------------------------------------------------------------------- The Directors of Innov8 Social Media plc ('Innov8' or the 'Company') can report that they have recently received a letter from the Frankfurt Stock Exchange replying to the Board's numerous enquiries about the Company's ongoing suspension from Trading. Unfortunately this letter from the Exchange does not enable to Board to give any clarity to their Shareholders as to when this suspension in trading may be lifted or any further information relating to the ongoing investigation. The Exchange have made it clear that this position will be maintained until the investigation into market manipulation has been concluded. Due to the lack of progress made since the suspension, and the Directors' frustration with the treatment of the Company and it's Shareholders, a unanimous decision was made to evaluate other European and UK Stock Exchanges on which to list Innov8's securities. The Directors believe that this is a necessary step in providing Shareholders and investors with liquidity, and improving any reputational damage to the Company, caused by the events and succeeding suspension in Frankfurt. There are a number of options open to the Company and the Directors are currently engaged in the process of evaluating the best possible route ensuring the timely and cost effective resumption of orderly trading in the Company's shares. In light of recent events in Frankfurt, the Directors will ensure that any alternative Exchange will sufficiently protect its Shareholders and their interests through improved regulation. As a result of the extended suspension and uncertainty the Company has been unable to raise any new funds as was set out in the Business Plan, and as a result of this has not been in a position to make any new investments or acquisitions to expand our existing portfolio. However, the Directors continue to monitor and evaluate the marketplace in order to identify future projects and investment opportunities to allow us to move quickly as and when funding becomes available. Commenting, Richard Chilvers (CEO); 'Since coming to market on the First Quotation Board in Frankfurt last year we have not had a particularly positive experience. This has been worsened by a notable lack of progress since our shares were suspended, despite our full and extensive co-operation with the authorities and Exchange. In our responsibility to our Shareholders we are determined to see this through, regardless of the challenges faced, and to have our trading reinstated either in Frankfurt or an alternative market suitable for our investors, both current and prospective. I will update Shareholderswhen the Directors have reached a decision on the future of the Company's quotation in Frankfurt'. ** END OF NEWS RELEASE ** About Innov8 Innov8 Social Media Plc ('Innov8') is an active investor in social and digital media technologies, which was formed in 2011 to capitalise on a number of opportunities in this rapidly growing and dynamic market segment. The Company looks to grow its existing portfolio of assets which range across a number of subsectors including semantic web 3.0 solutions, social data analytics, e-commerce and social gaming. Innov8's vision is to become a globally recognised, market leading investment platform for young companies and emergent technologies in the social and digital media sectors. Innov8 Social Media Plc, 1 Kings Avenue, Winchmore Hill, London N21 3NA, UK www.inov8social.com or www.innov8socialmedia.com Stock Exchanges: Frankfurt, ISIN: GB00B7619Q46, Ticker: I8SM, WKN: A1JNWE Disclaimer This news release may contain certain forward-looking statements, expectations, intentions, strategies and beliefs regarding the future. All statements contained herein are based upon information available to the management of Innov8 Social Media Plc as of the date hereof, and actual results may vary based upon future events, both within and without the control of the management, including risks and uncertainties that could cause actual results to differ materially. Management does not take any responsibility to update the contents of this News Release in case new aspects arise or new conditions change the facts available. End of Corporate News --------------------------------------------------------------------- 25.06.2012 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 175265 25.06.2012
Latest News
Latest Reports
No Reports found
Upcoming Events
No Events found
Webcasts
No Webcasts found