Speymill PLC Proposed Administration of Speymill Contracts Ltd (1754T)
10 Décembre 2012 - 4:00PM
UK Regulatory
TIDMSYG
RNS Number : 1754T
Speymill PLC
10 December 2012
For Immediate Release 10 December 2012
Speymill plc
("Speymill")
Proposed Administration of Speymill Contracts Limited
Speymill (AIM:SYG), the multinational property services group,
announces that it has completed a comprehensive strategic review to
maintain shareholder value in the light of current trading
conditions. This review included an expert analysis of the current
and future prospects for its subsidiary Speymill Contracts Limited
("Contracts"). As a result, the Board has regrettably concluded
that the Contracts business is not viable and represents an
unsupportable burden on Speymill. Thus the Board of Contracts,
acting by its sole shareholder, has today lodged with the Court a
'Notice of Intention to Appoint Administrators'.
Contracts, valued at nil in the Company's accounts, suffered a
loss of GBP1.76 million for the first six months of the current
financial year and, despite Speymill advancing in excess of GBP2
million cash in additional support via the principal shareholders
during the year, the continued deteriorating results and difficult
economic environment has resulted in the Board being forced to take
this decision.
The remainder of Speymill, consisting of its property investment
portfolio, continues to trade in line with expectations and the
other elements of its business are not directly affected by the
proposed administration of Contracts. The Board will make further
announcements concerning its intentions in due course.
-END-
For further information, please contact:
Speymill plc Tel: +44 (0) 1624 640860
Denham Eke www.speymill.com
Beaumont Cornish Limited (Nominated Tel: +44 (0)20 7628 3396
Adviser)
Roland Cornish and James Biddle
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCURVSRUKAUAAA
Speymill (LSE:SYG)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Speymill (LSE:SYG)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024
Real-Time news about Speymill (London Stock Exchange): 0 recent articles
Plus d'articles sur Speymill