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  • BY: Andrew Hore |
  • POSTED: 18/03/2018 |

SerVision says it is likely to offload its subsidiaries and become a shell.

Trading in the shares was suspended at 0.85p on 20 February when the company defaulted on one of its loans. Management was not able to raise additional cash.

SerVision Ltd is seeking Israeli court protection from creditors. SerVision is an unsecured creditor and is unlikely to get much back from SerVision Ltd, whose ownership is likely to be transferred to a new owner – possibly investors Cascade and Ronnie Cohen will provide $500,000 to continue to finance the business.

If these plans are not successful then SerVision Ltd will be liquidated.

SerVision’s own creditors are owed $2.2m and an agreement with these creditors is required before cash can be raised for the shell.

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