Appointment of Administrators
April 05 2011 - 3:27AM
UK Regulatory
TIDMSPMG
SPORT MEDIA GROUP PLC
("Sport Media", "SPMG" or "the Company")
Appointment of Administrators
The Company announces that Dermot Power and Patrick Lannagan, business
restructuring partners at BDO LLP, were appointed Joint Administrators over
Sport Media Group plc and two of its wholly owned subsidiaries, Sport Newspapers
Limited and Moresport Limited ("the Companies"), on 4 April 2011 by the
Directors of the Companies.
The Joint Administrators will continue to seek a buyer for the assets of the
Companies, which include the Newspaper titles and the Group's investments in a
digital content provider (Netcollex Limited) and a telecoms provider Telecom 2
Limited). Netcollex Limited and Telecom 2 Limited continue to trade as normal
outside of Administration.
Dermot Power, BDO business restructuring partner, said: "The Companies have
been exploring restructuring and sale options and regrettably the cash flow
problems being experienced as a result of historic trading difficulties, coupled
with limited interest from third party investors or an acquirer for the
businesses, have resulted in the Companies ceasing to trade. The Joint
Administrators are taking all necessary steps to maximise recoveries for the
benefit of creditors and would welcome early contact with any interested
parties."
Due to the early stage in the administration, the Joint Administrators are
unable to comment further at this time.
BDO LLP
Patrick Lannagan/Dermot Power Tel: +44 (0)161 817 7500
Daniel Stewart & Company plc
Oliver Rigby/Noelle Greenaway Tel: + 44 (0) 20 7776 6550
www.danielstewart.co.uk
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Sport Media Group PLC via Thomson Reuters ONE
[HUG#1503455]
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