Further re Suspension
November 03 2009 - 7:34AM
UK Regulatory
TIDMAI.
RNS Number : 8668B
Aero Inventory PLC
03 November 2009
Aero Inventory plc (the "Company" or "Group")
Further to the announcement on 26 October 2009, the board of the Company is now
providing an update.
The preliminary results of the ongoing accounting and stock reconciliation
investigations show that the stock valuation issue highlighted in the previous
announcement is now broader than first thought. The issue appears to involve not
only the accounting book value of stock but also in some instances physical
quantities. The Board is also reviewing the accuracy of recent financial reports
provided to its banks.
These reviews are ongoing and the consequences whilst being evaluated still
remain uncertain.
Discussions with the Group's banks continue. In particular the Group is waiting
to hear from its banks regarding the Group's ability to access credit and their
ongoing financial support.
The board has made the following appointments. Colin Trupp, previously Business
Development Director, has been appointed as acting chief executive and Swag
Mukerji has been appointed on an interim basis with responsibility for the
Groups financial operations. Swag Mukerji is an experienced finance director
having previously worked with the Priory Group and Biocompatibles International
plc.
The board is reviewing the positions of Rupert Lewin (Chief Executive), Hugh
Bevan (Finance Director) and Martin Dodge (Chief Operating Officer).
Further announcements will be made in due course.
Enquiries:
Aero Inventory 020 8449 9263
Nigel McCorkell
J.P. Morgan Cazenove 020 7588 2828
Guy Marks
Buchanan Communications Limited 020 7466 5000
Bobby Morse
Christian Goodbody
This information is provided by RNS
The company news service from the London Stock Exchange
END
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