06 May 2008
VANCO PLC (THE 'COMPANY')
SUSPENSION OF LISTING
6 MAY 2008
Vanco plc has today requested that the UK Listing Authority suspend trading in
its securities pending clarification of its financial position.
A further balance sheet review is being undertaken and further provisions
against the carrying value of certain assets are expected. The profitability of
the business for the year ended 31 January 2008 is also being reviewed and may
be the subject of revision. The Company is therefore unable to update the market
accurately on its historic financial results and inform the markets accordingly.
In view of the above it is unlikely that the Company will be able to publish its
audited results for the year ended 31 January 2008 by 30 May 2008 as is required
by the Disclosure and Transparency Rules. A further announcement will be made in
this regard in due course.
On 1 April 2008 it was announced that the Company had agreed an extension to the
Company's revolving credit facility ('RCF') with its syndicate of banks in the
sum of £23.3m, taking the total available under the facility to £123.3m. The
Company has limited headroom under the RCF and other facilities. The Company is
in active discussions with its banking syndicate in respect of its financial
The Board of Directors is discussing the Company's financial and strategic
options with its advisers and bankers.
Allen Timpany, Chief Executive Officer and founder of the business, has resigned
with immediate effect.
Andrew Coppel, the former Chief Executive of Jockey Club Racecourses and Queens
Moat Houses plc, has joined the Company as Chief Restructuring Officer.
For further information contact: -
Andrew Coppel - 020 8636 1700
John Mumford (Senior Independent Director) - 020 8636 1700
Katie Tzouliadis - Biddicks - 0207 448 1000
Morten Singleton - 020 8636 1700
This information is provided by RNS
The company news service from the London Stock Exchange