Malta, 23 March 2026:
Reference is made to previous announcement made by River Tech p.l.c. (the
"Company") dated 20 March 2026.
The court applications demanding a court order for dissolution, the appointment
of a liquidator and consequential winding up under Court oversight in respect of
both the Company and its subsidiary, River Technologies Limited (the
"Subsidiary") were filed before the Maltese Courts on 23 March 2026. The
applications were filed at the Court registry and will now have to be assigned
to the relevant court, being the Civil Court (Commercial Section). Once the
Court takes cognizance of the applications, a generic pre-trial decree will be
issued within a few days, appointing both applications for a hearing and
inviting both companies to submit any additional evidence that they may require.
With respect to the Subsidiary, one hearing is expected to be required,
following which the Court will adjourn for delivery of a winding-up order and
appointment of a liquidator.
Where the Company is concerned, evidentiary hearings will be required for the
production of evidence in support of the winding-up application. Once all
evidence and submissions are produced, the Court will adjourn for delivery of a
winding-up order and appointment of a liquidator within a few months.
The Court will be required to appoint a liquidator for both the Company and the
Subsidiary in its winding-up orders. Once appointed, the liquidator will take
over most of the powers of the directors (including the power to bring or defend
any action on behalf of the company