RNS Number:9671R
SubSea Resources PLC
09 April 2008
SUBSEA RESOURCES PLC
("SubSea" or the "Company")
Notice of Intention to Appoint an Administrator
On 4 March 2008 the Board announced that "it has requested the suspension of its
ordinary shares and warrants from trading on AIM pending clarification of its
financial position". The Board further announced inter alia its "decision to
seek to secure the sale of the assets and business of the Company and the
appointment of Kroll as sale agent". The Board also noted that "...there can be
no assurance that such a sale will actually complete or that, if it does, after
repayment of all monies due to the Bondholder, the Company will be able to
continue to trade."
Having reviewed the current status of the sale process, the Board has considered
the options available to it and has concluded that no viable option is available
to meet the Company's cash needs in the short term. Consequently, the Company
has today instructed its lawyers to file a notice of intention to appoint
administrators over the Company.
A further announcement will be made in due course as appropriate.
For further information please contact:
9 April 2008
ENQUIRIES:
HB Corporate Tel : + 44 (0) 20 7510 8600
Rod Venables
College Hill Tel: + 44 (0) 20 7457 2020
Gareth David
Mark Garraway
This information is provided by RNS
The company news service from the London Stock Exchange
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