PRAGUE, Czech Republic, June 07, 2021 (GLOBE NEWSWIRE) -- Ott Ventures, s.r.o. (“Ott Ventures”), one the largest shareholders of Iconic Labs PLC (“Iconic”), continues to support CEO Brad Taylor and the board of directors in their vision to create shareholder value, and asks the administrators appointed on Friday to immediately step down.
Jean-François Ott, founder and CEO at Ott Ventures, said, “We question the need for this involuntary appointment of administrators for Iconic given that our understanding is that the underlying secured debt will be fully repaid, the company has a clear vision for growth and shareholder value creation, and the European High Growth Opportunities Securitization Fund ('EHGO') is entirely behind Iconic as a financial partner. This is not a situation where administration is warranted or at all necessary. We, as shareholders, do not believe this is a valid or needed appointment, and we ask any other shareholders who may share our opinion to voice their disapproval as well.
“Rather, it is in the best interests of Iconic, its creditors and its shareholders, including us, for the administrators to immediately step down and for the planned General Meeting scheduled for 15 June 2021 to go ahead.
“The General Meeting is critical for the future of Iconic. It is necessary to allow shareholders to pass various resolutions that would give the company a secure financial future. We agree with EHGO’s statement in its earlier press release today that it is in the best interests of both shareholders and all creditors of Iconic - not just one isolated creditor - that the General Meeting take place and that the CEO and board of directors be allowed to proceed with their plans.
“We also understand from EHGO’s press release that necessary funds are being transferred to EHGO’s counsel, ready to transfer to the relevant secured creditor of Iconic which put Iconic into involuntary administration. The amounts owed and which are the basis of the administration procedure are not large, and it would be a shame to completely destroy shareholder and creditor value by placing Iconic into administration over such sums when Iconic has the ability to pay based on financing provided by EHGO.
“We trust that the administrators will step down without delay so that Iconic can get back to its important business of creating shareholder value and satisfying the needs of all its creditors - not just this one isolated creditor who is going to be repaid anyway.
“Ott Ventures also fully supports and welcomes the press release issued earlier today by EHGO.”
Media Contact For further information please contact: Citigate Dewe Rogerson: kieran.farthing@citigatedewerogerson.com
