Restructuring Update
29 Juni 2009 - 10:44AM
UK Regulatory
TIDMMETC
For immediate release: Monday 29th June 2009
Restructuring update - Board considers taking Company private
On 10th June 2009 the Directors of Metic Group PLC (AIM: METC), ("Metic", "the
Company" or "the Group") informed Shareholders that following the alleged
failure by Northern & Western Insurance Company Limited ("N&W") to deliver
funds in accordance with the contracted and guaranteed Stand-by Letter of
Credit, the Company had been advised by Tenon and GM Business Advisors on the
need to place two of its three UK business subsidiaries into administration in
order to protect its Portal division, eight existing contracts and seven
contracted pipeline projects.
This process has been progressed and on Tuesday 30th June 2009 the UK courts
will formally appoint administrators to the Melayway and Space Decks business
divisions.
In light of the reduced scale of the business's operations following this
restructuring and the comparatively significant costs associated to remaining
on the Alternative Investment Market (AIM), the Board has held initial
discussions with the major shareholders of the Company, representing over 65%
of the ordinary shares in issue, regarding the possibility of de-listing the
Company from AIM.
Should the Board resolve to progress with this move, a Circular setting out the
full reasons for the de-listing and the date for the General Meeting will be
issued to Shareholders. As the resolution to de-list would constitute a Special
Resolution, it will require 75% of the votes cast to be in favour.
As announced on the 10th June 2009, the Portal division will remain unaffected
by this ongoing restructuring, the Group continuing to trade ongoing contracts
with a headcount of 29 staff.
With regards securing the working capital to complete the restructuring, the
Board is continuing its talks with its Bank, its major Shareholders and
advisors and is now more confident of a positive outcome.
- Ends -
Further information:
UK
Joint Brokers
Old Park Lane Capital PLC Forbes Cutler T: +44 20 749 38188
Seymour Pierce John Depasquale T: +44 20 710 78000
UK Media
gth Communications Toby Hall/Christian Pickel T: +44 20 715 38039
END
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