GFG Greatfleet

    RNS Number : 8261Y
  Greatfleet PLC
  10 July 2008
   

    For immediate release                                                                                                                   
                                                                   10 July 2008


    Greatfleet plc
    ("Greatfleet" or the "Company")

    Further re suspension of shares

    Further to the suspension of the Company's shares from trading on AIM at 14:15 pm yesterday the Board of Greatfleet is providing an
update on the Company's financial position.

    The Company received notice from one of its major creditors on 9 July 2008 that it required immediate repayment of significant amounts
owed to them, having previously informally accepted repayment by instalments. This amount is an accumulation of payments due to the creditor
since 2004. As a consequence of this, the Company's invoice discounting provider notified the Company yesterday that it was no longer
prepared to advance funds to the Company until a payment plan has been agreed with the creditor concerned. At this time the Board do not
believe it is likely that such a payment plan can be agreed.

    In addition, over the last couple of months trading in the Company's Qualitas business has continued in line with the Board's
expectations. However, trading at Longbridge, the Group's search and selection business in the legal, banking, finance and technology
sectors, has deteriorated significantly in May and June to a level well below management's expectations, leading to a substantial reduction
in the Company's working capital.

    The Board is seeking advice as to the best way to protect the interests of creditors and shareholders.

    The Board will make further announcements as appropriate.

    For further information please contact:

    Greatfleet plc
    Colin Gerstein, Chief Executive Officer                                                                      Tel: 0845 881 0700

    Noble & Company Limited
    Nick Naylor / Nick Athanas                                                                                        Tel: 0207 763 2200

This information is provided by RNS
The company news service from the London Stock Exchange
 
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