Resources In Insurance Group PLC Statement re. Suspension (1033V)
10 Dezember 2013 - 8:30AM
UK Regulatory
TIDMRIIG
RNS Number : 1033V
Resources In Insurance Group PLC
10 December 2013
10 December 2013
RESOURCES IN INSURANCE GROUP PLC
("RiIG", the "Group" or the "Company")
SUSPENSION OF TRADING ON AIM,
NOTICE OF INTENTION TO APPOINT AN ADMINISTRATOR
AND COMPLETION OF BUSINESS TRANSFER
The Board of RiIG, a leading provider of claims management and
consultancy solutions to the UK
Insurance profession announces today the suspension of trading
of its ordinary shares, the notice of intention to appoint an
administrator and the transfer of its business and assets to a
wholly owned subsidiary.
Suspension of trading on AIM and notice of intention to appoint
an administrator
In the Half Year Results announcement issued on 29 November
2013, the Directors noted their assumptions regarding the going
concern status of the Group and specifically their expectation that
the Group would be able to meet its payment plan with HMRC. In
light of further advice and having engaged in further discussions
with HMRC, the Directors have formed the view that the Group is no
longer able to meet this commitment. As a consequence the payment
plan is no longer effective and the arrears are now payable in
full. The Company is not in a position to settle this
liability.
To protect the Group's position, and specifically to enable it
to explore opportunities to protect value in the trading business,
the Directors have filed a notice of intention to appoint an
administrator to the Company with the High Court of Justice on 9
December 2013.
As a result of the fundamental uncertainty in the financial
position of the Group, and the notice of intention to appoint an
administrator, the Company therefore requested that the 0.1p
ordinary shares of RiIG be suspended from trading with immediate
effect.
Transfer of trading business and assets
As further set out in the announcement of 29 November 2013 the
Group has reviewed its corporate structure and now completed the
transfer of its trading business and assets to its wholly owned
subsidiary, RiIG Limited. This aligns the corporate and trading
names of the business and differentiates the trading business
performance from that of the holding company.
For further information:
Resources in Insurance Group plc
John French, Executive Chairman
www.riig.co.uk
Nominated Adviser / Joint Broker +44 (0) 7836 722 482
Zeus Capital Limited
Ross Andrews / Andrew Jones +44 (0) 161 831 1512
Joint Broker
Peterhouse Capital Finance Limited
Jon Levinson +44 (0) 20 7469 0935
Financial PR
Yellow Jersey PR Limited
Dominic Barretto +44 (0) 7768 537 739
This information is provided by RNS
The company news service from the London Stock Exchange
END
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