Appointment of Administrators

IOG PLC

11 October 2023

 

11 October 2023

IOG plc (in Administration)

Appointment of Administrators

Further to the announcement of 28 September 2023, Chad Griffin and Ian Corfield of FRP Advisory were appointed as Joint Administrators of IOG plc ("IOG", or "the Company"), (AIM: IOG.L) on 11 October 2023.

The Joint Administrators are now evaluating the Company's position and are engaged in discussions with its senior secured bondholders and other creditors to consider all available options, including a potential restructuring to protect the operating subsidiaries which are not in administration.

As a result of the Administration, Cavendish Capital Markets Limited and Peel Hunt LLP have informed the Company of their resignations from their roles as Nominated Adviser and broker respectively, with immediate effect. The Company's shares remain suspended from trading and pursuant to AIM Rule 1, if a replacement Nominated Adviser is not appointed within one month, the admission of the Company's shares to trading on AIM will be cancelled. The Company has no current intention of appointing a replacement Nominated Adviser.

Enquiries:

FRP Advisory	[e-mail]
Chad Griffin / Ian Corfield
Citypress Rory Fletcher	[e-mail]

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the company's obligations under Article 17 of MAR.

 

END