Save Group PLC
1 March 2001
SAVE GROUP PLC (the 'Company')
Appointment of administrator and suspension of listing
The Company has received the resignation of Mr James Frost, the Company's
chairman and chief executive, which was accepted with immediate effect from
the opening of business on 28 February 2001.
On 12 July 2000, the Company announced that the Company had received
approaches which might or might not lead to an offer for the whole of the
issued share capital of the Company. The board pursued a number of approaches
over the period since then but none of these reached the stage of being
capable of announcement as a formal offer. Discussions relating to one of
these approaches have been continuing but would not have been capable of being
brought to a conclusion in a short timescale.
The Company has been unable to agree an extension of its facilities with its
bankers and accordingly on 28 February 2001 sought the appointment by the High
Court of an administrator to the Company and each of its subsidiaries, which
has been granted. The board has therefore requested that the UK Listing
Authority suspend the listing of the Company's shares with immediate effect.
1 March 2001
Charles Ryland - Buchanan Communication - 020 7466 5000
John Murgatroyd - Save Group PLC - 01296 395951
Fiona Greig - Ernst & Young - 020 7951 3957