Appointment of Joint Special Administrators (5649Z)
March 19 2012 - 3:00AM
UK Regulatory
TIDMWSPR
RNS Number : 5649Z
Worldspreads Group PLC
19 March 2012
WorldSpreads Group plc
("WorldSpreads" or the "Company")
Appointment of Joint Special Administrators to WorldSpreads
Limited
Following the suspension of the Company's shares from trading on
Friday, 16 March 2012, Jane Moriarty and Samantha Bewick of KPMG
LLP were appointed as joint special administrators of WorldSpreads
Limited Sunday, 18 March 2012 pursuant to a special administration
order of the Court. Whilst the order remains in force the affairs,
business and property of WorldSpreads Limited will be managed by
the joint special administrators.
As a result of further investigation, the board of directors
believe that as at close of business on Friday, 16 March 2012 there
was a shortfall of client money at WorldSpreads Limited of
approximately GBP13 million and that gross amounts owed to clients
are approximately GBP29.7 million whereas the total cash balances
available to the company are approximately GBP16.6 million.
A further announcement will be made as and when appropriate.
For further information, please contact:
WorldSpreads Group plc
Lindsay McNeile, Executive Chairman
Dominic Bacon, General Counsel
+44 (0)20 7398 5100
Collins Stewart Europe Limited
Matt Goode/Rishi Shah
+44 20 7523 8350
PR Adviser
Nick Hadjinikos
+44 20 8940 8239
About WorldSpreads Group plc
WorldSpreads Group plc (AIM: WSPR) is a financial services group
offering online and telephone trading. The Group's core activity is
the provision of spread betting products on the financial markets
to retail clients from its website www.worldspreads.com.
WorldSpreads Limited, a wholly-owned subsidiary of the Company,
is regulated and authorised by the Financial Services
Authority.
WorldSpreads Group plc floated on the London Stock Exchange's
AIM market in August 2007 and gained a dual listing by joining what
is now the Irish Stock Exchange's Enterprise Securities Market
("ESM") in May 2008.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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