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Manganese Bronze. (MNGS)

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Friday 12 October, 2012

Manganese Bronze.

Product Recall

RNS Number : 6106O
Manganese Bronze Hldgs PLC
12 October 2012
 



Manganese Bronze Holdings PLC

 

12 October 2012

 

Product recall

Manganese Bronze Holdings PLC (the "Group") announced today a recall of approximately 400 of its TX4 London taxis and suspension of sales of new TX4 models as a result of the discovery of a defect in the steering box. The steering box is a new design from a new supplier that was introduced in production at the Group's Coventry factory in late February 2012.

Discussions are being held with Geely to put in place a robust technical solution for the steering box faults.

The suspension of sales will have a very material and detrimental impact on the Group's cash flows and the board are working to establish the options available to the business given the impact on working capital.  Until such time that a technical solution is developed to rectify the fault, the financial position of the Group remains unclear and trading in the Company's shares will remain suspended.



For further information, please contact:

 

Manganese Bronze Holdings PLC


John Russell, Group Chief Executive

Tel: +44 (0) 24 7657 2108

Peter Johansen, Group Finance Director

Tel: +44 (0) 24 7657 2214

 

 

FTI Consulting


Nick Hasell

Tel: +44 (0) 20 7269 7291

 

 

Grant Thornton UK LLP


Philip Secrett/Melanie Frean

Tel: +44 (0) 20 7383 5100

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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