LUXEMBOURG--(BUSINESS WIRE)--European High Growth Opportunities Securitization Fund (“EHGO”), an institutional investment fund based in Luxembourg, has announced that it will be making an application for the Iconic Labs (“Iconic”) administrators to be removed and for Iconic’s General Meeting (“GM”) to proceed.
In the statement, EHGO said: “As previously announced, we wrote to the administrators informing them that we would pay the debt of £184,295.04 demanded by the secured creditor which appointed them, and requesting that they vacate office. We also communicated our view that their cancellation of Iconic‘s GM was a breach of their duties, given that holding the GM is necessary for the company to have a viable financial future.
“As we have received no substantive response, and given the wider circumstances, we will be making an application to the High Court on the grounds that the administrators were appointed with an improper motive and seeking to remove them from office. Interim relief will be sought to enable the GM to proceed, either on 15 June 2021 as originally planned, or on a later date.
“We believe that it is now likely that the GM will go ahead, whether on 15 June or a later date. We believe it is critical that shareholders vote on the resolutions set out in the original notice for the GM which are necessary for Iconic to have a viable financial future.
“We would therefore urge shareholders to appoint a proxy by completing the Form of Proxy sent to them with the shareholder circular, naming the chair of the meeting as their proxy. This needs to be received by 2pm on Friday 11 June. It can be sent to the company’s registrars, SLC Registrars, at email@example.com.
“As previously noted, we were in discussions with Iconic to provide substantial new financing arrangements involving a facility of up to £50 million and have tremendous faith in the vision for the company set out by CEO Brad Taylor to be a cutting-edge media, data, information, internet, security and technology company. We hope that shareholders in the company will join us in supporting this vision and passing the necessary resolutions at the GM.
“Should shareholders wish to attempt to obtain information from the administrators, for ease of reference their contact details are:
Notes to editors
About European High Growth Opportunities Securitization Fund
European High Growth Opportunities Securitization Fund is an institutional investment fund based in Luxembourg which focuses on financing innovative companies globally that are deemed to be significantly undervalued.