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Manganese Bronze. (MNGS)

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Tuesday 30 October, 2012

Manganese Bronze.

Appointment of administrators

RNS Number : 8671P
Manganese Bronze Hldgs PLC
30 October 2012


Manganese Bronze Holdings PLC


Appointment of administrators


30 October 2012


Manganese Bronze Holdings PLC (the "Company"), the manufacturer of the world famous London taxi, announces that Matthew Hammond, Tony Barrell, Ian Green and Mike Jervis, all of PwC, were today appointed joint administrators (the "Administrators") of Manganese Bronze Holdings PLC, LTI Limited, Manganese Bronze Services Limited and Manganese Bronze Property Services Limited (together the "Group").

The Administrators' immediate priority is to secure funding to resolve the steering box recall announced on 12 October 2012. The Administrators are reviewing the Group's current financial position to develop a range of options to rescue the business or alternatively dispose of its assets to an investor that can secure the future of the London taxi. The Administrators have immediately commenced discussions with a number of interested parties from the UK and overseas and ask any further interested parties to contact them as a matter of urgency.

As a result of the appointment of the Administrators to the Group, Grant Thornton UK LLP and MC Peat & Co have today resigned from their respective roles as Nominated Adviser and Broker to the Company with immediate effect. Pursuant to AIM Rule 1, if a replacement Nominated Adviser is not appointed within one month, the London Stock Exchange may cancel the admission of the Company's securities from trading on AIM. Accordingly the potential cancellation time and date is 7.00 a.m. on 3 December 2012. 


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


Elizabeth Faulkner, Media Relations

Tel: +44 (0) 20 7213 1018

Derek Nash, Media Relations

Tel: +44 (0) 20 7804 3058


FTI Consulting


Nick Hasell

Tel: +44 (0) 20 7269 7291


Grant Thornton UK LLP


Nominated Adviser

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