Appointment of Administrators (1982P)
29 Septembre 2011 - 1:18PM
UK Regulatory
TIDMAXN
RNS Number : 1982P
Alexon Group PLC
29 September 2011
Alexon Group plc
(the "Company" or, together with its subsidiaries, the
"Group")
Appointment of Administrators
Following this morning's announcement regarding the suspension
of the listing and trading of the Company's ordinary shares, the
Board is now providing a further update.
As previously announced, the Group has been operating with
limited headroom against its existing facilities and has a clear
requirement for additional funding in the short term as it enters
the seasonal peak in working capital requirements. Against this
backdrop, the Board has been actively exploring, in conjunction
with the Company's lenders, all options and proposals to address
this requirement for additional funding, with a view to realising
value for the benefit of all stakeholders. These options have
included a possible offer for the Company and various proposals to
acquire one or more of the Group's brands and/or provide
alternative debt financing from trade and financial parties.
Unfortunately these options have failed to reach a satisfactory
conclusion in the time available and, following discussions with
the Group's lenders, it became clear that the Group was unable to
continue trading as a going concern. As a result, the Board
appointed Will Wright, Colin Haig and Howard Smith of KPMG as
administrators to the Company this morning.
In addition, the Company today confirms that it is no longer in
discussions regarding an offer for the issued share capital of the
Company and that it is no longer in an offer period.
The Board understands that the Administrators have today sold
the Group's business to Sun Capital Partners LLP, securing
continuing employment for the Group's staff.
Enquiries:
Brunswick Group LLP 020 7404 5959
Simon Sporborg / Zoe Bird
This information is provided by RNS
The company news service from the London Stock Exchange
END
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