Fairpoint Group PLC Appointment of administrators (6871N)
August 10 2017 - 9:00AM
UK Regulatory
TIDMFRP
RNS Number : 6871N
Fairpoint Group PLC
10 August 2017
10 August 2017
For immediate release
Fairpoint Group PLC
("Fairpoint" or the "Group")
Appointment of administrators, Directorate Change and
Resignation of Nominated Adviser and Broker
Further to the announcement on 4 August 2017, Fairpoint
announces that Sandy Kinninmonth, Lindsey Cooper and Gareth Harris
of RSM Restructuring Advisory LLP have been appointed as joint
administrators to Fairpoint Group plc.
The relevant business address of RSM Restructuring Advisory LLP
is 3 Hardman Street, Manchester M20 3LD.
The Directors intend to continue to work with the administrators
of Fairpoint Group Plc in order to try and preserve any remaining
stakeholder value.
As a result of the appointment of administrators, David
Broadbent, Chief Executive Officer, is to leave the Board with
immediate effect. Furthermore, with mutual agreement by the Board,
Shore Capital and Corporate Limited has resigned as Nominated
Adviser and Shore Capital Stockbrokers Limited as Broker to the
Company with immediate effect. Pursuant to AIM Rule 1, if a
replacement Nominated Adviser is not appointed within one month,
the admission of the Company's securities will be cancelled on AIM.
The Company has no current intention of appointing a replacement
Nominated Adviser.
The suspension to trading in the Company's shares on AIM as
announced on 28 June 2017 remains effective.
However, Simpson Millar and its subsidiary companies, (the
"Legal Businesses"), will continue to trade as going concerns
through the dedicated funding line provided by Doorway Capital. The
appointment of administrators to Fairpoint Group Plc will have no
impact on the day to day running of these businesses. The client
services that Simpson Millar provides and the protections its
clients' enjoy are not in any way affected by the appointment of
administrators to Fairpoint Group plc.
Today's announcement will have no material impact on the planned
disposal of the IVA and Claims divisions to a third party, as
previously announced on 4 August 2017.
For enquiries please contact:
MHP Communications fairpoint@mhpc.com
Reg Hoare 020 3128 8794
Katie Hunt
Fairpoint Group Plc dkern@fairpoint.co.uk
Denise Kern 0161 876 1310
This information is provided by RNS
The company news service from the London Stock Exchange
END
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