WREN Wt Rene Etf

TIDMWREN

RNS Number : 6427C

Wren Extra Care Group PLC

09 March 2011

WREN EXTRA CARE GROUP PLC

("Wren" or the "Group")

Company update

Wren the property development group and specialist retirement home developer of Extra Care facilities announces the following update.

As announced on 5th October 2010 LPA receivers were appointed to Wren Estates Ltd, a subsidiary company within the group. Also as previously announced on 6(th) October 2010 LPA receivers were appointed to Warlingham Developments Ltd ("WD") and Warlingham Developments Two Ltd ("WD2"), which are not group companies but companies with which Wren Estates Ltd has profit share arrangements. In both instances the Group has fully co-operated with the LPA receivers GVA Grimley Ltd. The Group has not as yet been notified of the intentions of either of the LPA receivers or of sums due to its main lender (the "Lender").

Further to these announcements, the Royal Bank of Scotland, the Company's bankers, have now instructed GVA Grimley to embark on a programme of disposing of the properties of the principal trading subsidiary, Wren Estates Ltd. These actions will leave the Group with no assets to continue trading with and with a shortfall on the bank's security after the realisation and sale of the assets.

As a result the Directors of Wren have decided that the only option available to the Company to potentially preserve some value for stakeholders is to immediately proceed with a Company Voluntary Arrangement ("CVA"). It is hoped that this CVA will provide protection for creditors whilst offering some prospect to shareholders of preserving some value for their investment.

A CVA is a formal procedure introduced by Part 1 of the Insolvency Rules 1986 which enables a company to agree with its creditors a composition in satisfaction of its debts. The CVA is approved either if (1) it has been agreed by both the meeting of creditors and the meeting of members or (2) it has been approved by creditors only, subject to a member's right to apply to court within 28 days of (i) the day on which the decision was taken by the creditors' meeting or (ii) where the decision of the members was taken on a later day, that day.

The CVA Proposals have been posted to the Company by Antony Batty of Antony Batty & Co, licensed insolvency practitioners and the creditors and members meetings are to be held on Friday 11(th) of March 2011. Copies of the documents are available from Antony Batty and Co, 3 Field Court, Gray's Inn, London WC1R 5EF. Telephone 0207 831 1234.

Ends

Wren Extra Care Group Plc,

Brian Nathan Chairman + 44 (0) 7505 711330

James Butterfield Corporate Development Director, +44 (0) 7770 225 253

www.wrenhomesplc.co.uk

This information is provided by RNS

The company news service from the London Stock Exchange

END

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