Inactive Instrument

Itsarm plc

ITS

GB00BMXMR838

Itsarm proposes withdrawal of winding-up petition

July 24, 2023 at 04:52 am EDT

Itsarm PLC - formerly In The Style Group PLC, a cash shell since March after selling its only operating subsidiary In The Style Fashion Ltd - Announces that board enters into various conditional agreements comprising a proposal that gives the company a viable alternative to the proposed compulsory liquidation announced in June. The proposal allows Itsarm to continue as a solvent company if the winding-up proposal is withdrawn or dismissed at a court hearing on Wednesday, or by no later than July 31.

Itsarm announces that David Craven and Jean-Paul Rohan are appointed to the board of directors with effect from the withdrawal, and that Directors James Sharp and Richard Monaghan will resign immediately following the appointment of the proposed directors. The proposal significantly reduces the company's liabilities, contingent liabilities and ongoing costs resulting in the company becoming solvent in the view of the current directors.

Current market price: 0.68 pence, up more than three-fold from 0.20p on Friday

12-month change: down 98%

By Will Neill, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Latest news about Itsarm plc

Sareum ups retail offer; SThree nabs former ITV exec	Apr. 02	AN
Itsarm to Delist from London Bourse, Wind Up Business	Mar. 28	MT
Itsarm plc Announces Change of Registered Office	23-10-09	CI
Itsarm shares to be suspended after failing to complete deal	23-09-27	AN
Itsarm's Acquisition Talks Stall; AIM Shares to Be Suspended	23-09-27	MT
Van Elle profit rises; Costain financing pact	23-07-26	AN
UK Court Dismisses Itsarm’s Winding-up Petition; Stock Gains	23-07-26	MT
FTSE 100 Closes Up 0.2% Lifted by Oil Stocks	23-07-24	DJ
Itsarm to Withdraw Winding-up Petition; Shares Soar	23-07-24	MT
Itsarm proposes withdrawal of winding-up petition	23-07-24	AN
AIM WINNERS & LOSERS: Itsarm surges on hope of avoiding liquidation	23-07-24	AN
FTSE 100 lower as interest rate decisions loom	23-06-09	AN
Itsarm shares rise after company reveals its winding-up petition date	23-06-09	AN
E-commerce Group Itsarm Gets Court Date For Liquidation Process	23-06-09	MT
FTSE 100 down as rally for oil majors loses steam	23-06-05	AN
UK's Itsarm Enters Compulsory Liquidation; Shares Plummet 29%	23-06-05	MT
Itsarm shares plummet as proposes compulsory liquidation	23-06-05	AN
FTSE 100 Closes Friday Up 0.7% on Commodities Rebound, Signs of Debt Deal Progress	23-05-26	DJ
US debt ceiling deal optimism lifts FTSE 100	23-05-26	AN
UK Retail Sales Proved Bright Spot Amid Inflation Pain	23-05-26	DJ
FTSE 100 outperforms on boost from miners	23-05-26	AN
Itsarm surges as shareholders vote against voluntary liquidation	23-05-26	AN
Itsarm plummets as seeks shareholder approval for liquidation	23-04-26	AN
Baaj Capital LLP completed the acquisition of In The Style Fashion Limited from In The Style Group Plc.	23-03-30	CI
UIL sells holdings in both AssetCo and BNK Banking	23-03-29	AN

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Company Profile

Itsarm plc is a United Kingdom-based shell company. The Company's business purpose is to seek the acquisition of, or a merger with, an existing company. The acquisition of a business opportunity may be made by purchase, merger, exchange of stock, or otherwise, and may encompass assets or a business entity, such as a corporation, joint venture, or partnership. The Company has no ongoing operations and has no revenues.

Sector

Investment Holding Companies

Calendar

2024-07-22 - Q4 2024 Earnings Release (Projected)

More about the company

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