METC Metic Grp

 
TIDMMETC 
 
For immediate release: Monday 29th June 2009 
 
 
         Restructuring update - Board considers taking Company private 
 
 
On 10th June 2009 the Directors of Metic Group PLC (AIM: METC), ("Metic", "the 
Company" or "the Group")  informed Shareholders that following the alleged 
failure by Northern & Western Insurance Company Limited ("N&W") to deliver 
funds in accordance with the contracted and guaranteed Stand-by Letter of 
Credit, the Company had been advised by Tenon and GM Business Advisors on the 
need to place two of its three UK business subsidiaries into administration in 
order to protect its Portal division, eight existing contracts and seven 
contracted pipeline projects. 
 
This process has been progressed and on Tuesday 30th June 2009 the UK courts 
will formally appoint administrators to the Melayway and Space Decks business 
divisions. 
 
In light of the reduced scale of the business's operations following this 
restructuring and the comparatively significant costs associated to remaining 
on the Alternative Investment Market (AIM), the Board has held initial 
discussions with the major shareholders of the Company, representing over 65% 
of the ordinary shares in issue, regarding the possibility of de-listing the 
Company from AIM. 
 
Should the Board resolve to progress with this move, a Circular setting out the 
full reasons for the de-listing and the date for the General Meeting will be 
issued to Shareholders. As the resolution to de-list would constitute a Special 
Resolution, it will require 75% of the votes cast to be in favour. 
 
As announced on the 10th June 2009, the Portal division will remain unaffected 
by this ongoing restructuring, the Group continuing to trade ongoing contracts 
with a headcount of 29 staff. 
 
With regards securing the working capital to complete the restructuring, the 
Board is continuing its talks with its Bank, its major Shareholders and 
advisors and is now more confident of a positive outcome. 
 
- Ends - 
 
Further information: 
 
UK 
 
Joint Brokers 
 
Old Park Lane Capital PLC       Forbes Cutler         T: +44 20 749 38188 
 
Seymour Pierce                  John Depasquale       T: +44 20 710 78000 
 
UK Media 
 
gth Communications      Toby Hall/Christian Pickel    T: +44 20 715 38039 
 
 
 
END 
 

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