Appointment of Joint Special Administrators

Date : 03/19/2012 @ 3:00AM
Source : UK Regulatory (RNS & others)
Stock : Worldspd (WSPR)
Quote : 37.0  0.0 (0.00%) @ 12:30AM
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Appointment of Joint Special Administrators

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RNS Number : 5649Z

Worldspreads Group PLC

19 March 2012

WorldSpreads Group plc

("WorldSpreads" or the "Company")

Appointment of Joint Special Administrators to WorldSpreads Limited

Following the suspension of the Company's shares from trading on Friday, 16 March 2012, Jane Moriarty and Samantha Bewick of KPMG LLP were appointed as joint special administrators of WorldSpreads Limited Sunday, 18 March 2012 pursuant to a special administration order of the Court. Whilst the order remains in force the affairs, business and property of WorldSpreads Limited will be managed by the joint special administrators.

As a result of further investigation, the board of directors believe that as at close of business on Friday, 16 March 2012 there was a shortfall of client money at WorldSpreads Limited of approximately GBP13 million and that gross amounts owed to clients are approximately GBP29.7 million whereas the total cash balances available to the company are approximately GBP16.6 million.

A further announcement will be made as and when appropriate.

For further information, please contact:

WorldSpreads Group plc

Lindsay McNeile, Executive Chairman

Dominic Bacon, General Counsel

+44 (0)20 7398 5100

Collins Stewart Europe Limited

Matt Goode/Rishi Shah

+44 20 7523 8350

PR Adviser

Nick Hadjinikos

+44 20 8940 8239

About WorldSpreads Group plc

WorldSpreads Group plc (AIM: WSPR) is a financial services group offering online and telephone trading. The Group's core activity is the provision of spread betting products on the financial markets to retail clients from its website www.worldspreads.com.

WorldSpreads Limited, a wholly-owned subsidiary of the Company, is regulated and authorised by the Financial Services Authority.

WorldSpreads Group plc floated on the London Stock Exchange's AIM market in August 2007 and gained a dual listing by joining what is now the Irish Stock Exchange's Enterprise Securities Market ("ESM") in May 2008.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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