Information  X 
Enter a valid email address

XecutiveResearch Grp (~268)

  Print      Mail a friend       Annual reports

Friday 28 February, 2003

XecutiveResearch Grp

Closure of Subsidiary

XecutiveResearch Group PLC
28 February 2003

Press Announcement

XecutiveResearch Group Plc

                                                                28 February 2003

XecutiveResearch Group PLC (the 'Company') announces that since the publication
on 30 January 2003, of the final results for the period ended 31 July 2002, the
downturn in the number of prospects completing has continued and has put intense
pressure on liquidity.  Recently, creditor pressure in its principal trading
subsidiary, XecutiveResearch Limited ('XRL'), has become such that the Directors
of the Company have reluctantly concluded that it is no longer in the interests
of the Company and its shareholders to continue to support the ongoing losses in
XRL. Accordingly they have decided to withdraw the Company's continuing
financial support for XRL; as a result, the XRL directors have concluded that,
while limited trading activities in the subsidiary will continue for the benefit
of creditors for the time being, it is likely that the XRL will enter
liquidation within the near future.

With the balance sheet of the Company strengthened by the recent share exchange
with Jubilee Investment Trust PLC, the Directors will continue to explore
opportunities for the development of the Company for the benefit of all
shareholders, which may include seeking to continue the business of executive
search in a modified and restructured form. No decisions have yet been taken in
this regard and a further announcement will be made in due course.

- ends -

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