JRVS Jarvis

 

TIDMJRVS 
 
RNS Number : 1636J 
Jarvis PLC 
25 March 2010 
 

                                   Jarvis plc 
                                  25 March 2010 
            Suspension of Trading and Appointment of Administrators 
As announced in the Interim Management Statement of 17 February 2010, Jarvis plc 
(the "Company") has been impacted by economic conditions generally and, in 
particular, the very considerable reductions in rail and plant work volumes, 
meaning that trading conditions have been, and continue to be, difficult. 
During this period the Board has been focussed on improving the financial 
position and the long-term viability of the Company for the benefit of all of 
its stakeholders. 
The successful achievement of this goal depended upon the continued support of 
key customers and creditors (including the lenders under the Company's secured 
working capital facility and Network Rail), and the ability of the Company to 
win new work.  The recent success in being awarded the Chiltern Railway's 
Evergreen 3 Contract was therefore encouraging. 
However, following negotiations with the Company's secured lenders, it has today 
become clear that sufficient support will not be extended to the Company to 
enable it to continue trading as a going concern. 
As a consequence, the Directors now have no option but to take steps (together 
with the Company's secured lenders) to place the Company, and certain of its 
subsidiaries, into administration, and to request that trading in its shares be 
suspended with immediate effect. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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