Cancellation of Admission to Trading on AIM
November 16 2010 - 4:55AM
UK Regulatory
TIDMMCOZ
RNS Number : 2502W
Cosentino Signature Wines plc
16 November 2010
Cosentino Signature Wines plc ("Cosentino" or the "Company")
Operations Update and Cancellation of Admission to Trading on AIM
Further to the announcement on 12 August 2010, the Board of Cosentino regrets to
announce that after thirty years of world class winemaking, Cosentino Winery has
had to close its doors and cease operations. Whilst the Board was seeking to
refinance the business and had extensive negotiations with potential new
lenders, it was unable to secure the funds required to refinance existing debt
obligations and continue the business. The Board believes that an order for
relief under Chapter 7 of the United States Bankruptcy Code for the domestic
subsidiaries has already been entered or will be in the very near future.
The Board would like to thank its many fans, customers and business partners for
their support and enthusiasm over the years. The Board extends particular thanks
to the Company's talented and loyal employees and, of course, Mitch Cosentino
for his leadership, passion and total dedication in the making of the Company's
fine wines. The Board believes that the wines that remain will be a brilliant
testimony to the Cosentino legacy of uncompromising quality and excellence for
many years to come.
Whilst the Company currently remains admitted to the AIM market, in accordance
with the AIM Rules, after close of business on 30 December 2010, it is expected
that the Company and its shares will cease to be admitted to AIM, six months
having passed since suspension of share trading on 30 June 2010. The Board
currently has no intention for the Company to re-commence any business
operations and therefore it is likely that the suspension of share trading will
remain in effect until that time.
Cosentino Signature Wines plc
Larry Soldinger, Chairman 020 7107 8000
Seymour Pierce
Jonathan Wright/Jeremy Porter 020 7107 8000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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