Clarity OSS Limited announced that it has extended the suspension of its shares until 5:00PM on Wed 21 May, 2014 (“Extension Period”).
At Clarity’s request, on 14 May 2014, shares in Clarity were suspended until 5:00PM on 19 May 2014 when it was anticipated that negotiations with a potential purchaser would have crystallised into a signed agreement for the sale of the majority of Clarity’s assets. On 15 May 2014, the purchaser informed Clarity it would not be proceeding with the purchase. Subsequently, Clarity entered into negotiations with another entity to sell a subsidiary which operates a part of the Clarity business. Clarity anticipates that these negotiations will, by the end of the Extension Period, culminate in a binding Heads of Agreement.
In the meantime, the Clarity Board is considering various cost-saving strategies details of which are expected to be announced by the end of the Extension Period. Pending the completion of the abovementioned sale negotiations and the consideration of the cost-saving strategies, Clarity will not be placing any subsidiary or itself into administration, as had previously been suggested to be a possibility.