Appointment of Joint Administrators
July 29 2008 - 10:30AM
UK Regulatory
RNS Number : 1404A
Greatfleet PLC
29 July 2008
For immediate release 29 July 2008
Greatfleet plc
("Greatfleet" or the "Company")
Appointment of Joint Administrators
The Board of Greatfleet announces that on 29 July 2008, and at its request, SME Invoice Finance ("SME"), the Company's invoice
discounting provider, appointed Michael Healy of Leonard Curtis and Paul Boyle of Harrisons as joint administrators (the "Joint
Administrators") to take over and manage the business and affairs of the Company and its subsidiaries (the "Group").
This appointment follows the Company's announcements of 9 July 2008 and 10 July 2008 when dealings in the Company's shares were
suspended from trading on AIM pending clarification of the Company's financial position. This arose following recent difficult trading and
the failure of the Company to agree repayment terms with a major creditor. As a consequence the Board was concerned that the Company may not
have sufficient working capital for its present requirements.
On 11 July 2008, the Company entered into a period of protection pursuant to the provisions of the Insolvency Act and Rules and on 25
July 2008 a further period of protection was granted until 8 August 2008.
Since 11 July 2008, the Board has continued to work with the Company's business recovery advisers in assessing how to protect the
interests of creditors, and also shareholders. Discussions have taken place with parties interested in acquiring parts of the Group's
business and, with effect from today, the Joint Administrators will continue such discussions with interested parties.
The Board of Greatfleet announced on 30 June 2008 that it had posted to shareholders a notice of annual general meeting to be held at
the offices of Noble & Company Limited at 120 Old Broad Street, London, EC2N 1AR on 4 August 2008 at 10 a.m. Following today's appointment
by SME of the Joint Administrators over the affairs of the Group, the annual general meeting of the Company has been cancelled.
Further announcements will be made as and when appropriate.
For further information please contact:
Greatfleet plc
Sir John Baker, Chairman
Colin Gerstein, Chief Executive Officer Tel: 0845 881 0700
Noble & Company Limited (nominated adviser and broker)
Nick Naylor
Nick Athanas Tel: 0207 763 2200
AVS Publicity (PR adviser to the Joint Administrators)
Alison Sutherland Tel: 0207 373 4427
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEALXNAALPEFE
Greatfleet (LSE:GFG)
Historical Stock Chart
From Jul 2024 to Aug 2024
Greatfleet (LSE:GFG)
Historical Stock Chart
From Aug 2023 to Aug 2024