Flowgroup plc Appointment of Administrators (8983G)

TIDMFLOW

RNS Number : 8983G

Flowgroup plc

09 November 2018

This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse

9 November 2018

Flowgroup plc

("Flowgroup" or the "Company")

Appointment of Administrators

Further to its previous announcements regarding ongoing negotiation with creditors, the Company provides the following update.

Flowgroup sold its principal subsidiary Flow Energy Limited on 1 May 2018. Since that time, the Company has explored the possibility of a reverse takeover but has been unable to identify any viable opportunities.

The board has today appointed Geoff Rowley and Philip Armstrong of FRP Advisory LLP as joint administrators of the Company.

Cenkos Securities plc, the Company's nominated adviser, has resigned with immediate effect.

Trading in the Company's shares is currently suspended. In accordance with AIM Rule 1, unless the Company appoints another nominated adviser within one month from today, the admission of its securities to trading on AIM will be cancelled ("Cancellation"). Given the circumstances, the Company believes that it is unlikely to appoint another nominated adviser and therefore expects that Cancellation will occur.

The joint administrators will correspond with the Company's creditors and shareholders regarding the administration process in accordance with their duties. The Company reiterates that it does not expect any value to be distributed to shareholders in any event.

Enquiries:

Flowgroup plc

Alan Lovell, Chairman Tel: +44 (0)20 3817 3637

 
 
  FRP Advisory LLP 
Geoff Rowley                                                    Tel: +44 (0)20 3005 4000 
 Philip Armstrong 
 
 
Cenkos Securities plc (Nominated Adviser and Broker)            Tel: +44 (0)20 7397 8900 
Stephen Keys/Mark Connelly/Callum Davidson (Corporate Finance)

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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November 09, 2018 03:35 ET (08:35 GMT)

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