Process of Appointment of Administrators
September 07 2010 - 1:30PM
UK Regulatory
TIDMCNT
RNS Number : 3161S
Connaught PLC
07 September 2010
Connaught plc (the "Company")
Process of Appointment of Administrators
Business as usual at Connaught Compliance and Connaught Environmental
Following this morning's announcement regarding the suspension of the Company's
shares, the Board is now providing an update.
Since the end of July, Connaught has held discussions with its lenders and
alternative providers of finance with the objective of securing additional
funding and a restructuring of the Company's financing for the longer term.
During this period, the Board of the Company has also continued to explore its
options to improve the financial position of the Connaught group of companies
(the "Group") and to realise value for the benefit of all stakeholders.
These initiatives failed to reach a satisfactory conclusion in the time
available and, following extensive discussions with the Group's secured lenders,
it is now clear that sufficient support would not be extended to the Group as a
whole to enable it to continue trading as a going concern. As a consequence, the
Board is saddened to announce that it is in the process of appointing partners
from KPMG as administrators of Connaught plc and its subsidiary, Connaught
Partnerships Limited, which comprises its Social Housing Division.
The Group's other main subsidiaries, Connaught Compliance Limited, National
Britannia Holdings Limited, Fountains Limited and Connaught Environmental
Limited (and their respective subsidiaries), which comprise the Group's
Compliance and Environmental divisions, are not being placed into administration
and will continue to trade normally. An agreement with its funders is in the
course of being negotiated and an announcement will be made shortly tomorrow
regarding this.
Enquiries:
+------------------+--------------------------------------------+
| Paul Haines | 01392 340667 |
+------------------+--------------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEAXNXEAPEEFF
Connaught (LSE:CNT)
Historical Stock Chart
From Apr 2024 to May 2024
Connaught (LSE:CNT)
Historical Stock Chart
From May 2023 to May 2024