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Crawshaw Group PLC (CRAW)

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Wednesday 31 October, 2018

Crawshaw Group PLC

Intention to appoint administrators

RNS Number : 7850F
Crawshaw Group PLC
31 October 2018
 

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.

 

 

31 October 2018

Crawshaw Group PLC

("Crawshaw Group", the "Group" or the "Company")

 

Intention to appoint administrators

 

and

 

Suspension to trading on AIM

 

 

As previously announced on 26 October 2018, the Board was considering a number of remedial actions including raising additional funding through an equity capital raising in order to address the key issues it had identified with the Company. Since then, the Board has been in discussions with existing investors and prospective investors. Unfortunately these discussions have not been successful in raising sufficient capital to address those key issues.

 

The Company does not have sufficient cash resources to effect the required restructuring of the business.

In the light of the above and the operational and financial uncertainty which the Company now faces, in order to protect both shareholders and creditors, the Board has taken the decision to place the Company into administration and intends to appoint administrators shortly with the purpose of seeking buyers for the Group's business and assets on a going concern basis.

As a result, the Board announces it has requested a suspension of trading in its shares on AIM with effect from 7.30am on 31 October 2018.

Further announcements will be made in due course.

 

Enquiries:

 

 

Crawshaw Group plc

Jim Viggars, Nick Taylor 

01709 369 600

 

 

 

 

Peel Hunt LLP (Nomad and joint broker)

Adrian Trimmings, George Sellar 

 

020 7418 8900

WH Ireland Limited (Joint Broker)

Katy Mitchell, James Sinclair Ford, Jasper Berry 

 

020 7220 1666

Citigate Dewe Rogerson

Angharad Couch, Nick Hayns

020 7638 9571

 


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