Following its restructuring, which included a wind-down of its operations in Perth and Los Angeles, as reported in an announcement made on 15 August 2017, and as a result of being unable to secure additional funding from existing or new investors, the Board of the Company has decided, following advice received from its solicitors, Michelmores LLP, that it must place the Company into a formal insolvency process. The Company is in discussions with potential insolvency practitioners and its investors. The Board is of the opinion that there is no value in the equity of the Company, and therefore no dividends are expected to be available to shareholders. The Company will be applying in due course for the cancellation of the Company’s shares to trading on the Asset Match platform.
In addition, Dr. Sanji Arisawa has resigned from the Board of the Company.
Nicholas Brigstocke, Director, said:
“We understand that on their appointment the insolvency officeholders will undertake an immediate assessment of the Group in order to evaluate any opportunities to realise value from the various subsidiary businesses in Australia and the United States, for the benefit of creditors of the Company”.
About DDD Group
DDD transforms the visual experience. Its advanced imaging and TriDef® solutions are licensed by leading brands including Samsung, ASUS, Gigabyte and MSI for use in TVs, notebooks and PCs. Over 58 million 3D products and over 4 million 2D products have been shipped by DDD’s licensees and affiliates worldwide. For more information please visit www.DDDgroupplc.com.