Proposed appointment of subsidiary administrators

 

TIDMEBTM 
 
RNS Number : 9841N 
EBTM PLC 
27 February 2009 
 
 
 
EBTM Plc 
("EBTM" or the "Company") 
 
 
Proposed appointment of subsidiary administrators 
 
 
The Company announced on 6th January 2009, that the board was evaluating 
strategic options to rebuild the financial resources of the group. The Company 
has engaged in discussions with a number of interested parties to provide 
funding for the group or undertake a trade sale. To date, no proposals have been 
received that in the opinion of the directors have been deemed acceptable in 
preserving value for shareholders of the Company. 
 
 
During this time, the Company has continued to experience difficult trading 
conditions and in particular lower revenues than had been anticipated. 
 
 
In this difficult trading environment, the board has sought additional funding 
but this has not been forthcoming. As a consequence, the lack of funding 
available to the Company has resulted in the operating subsidiaries of the 
Company being unable to continue trading. Application is being made to the High 
Court for the appointment of administrators for the Company's principle 
operating subsidiaries, Mockingbird Distribution Limited and Everything But The 
Music Limited. 
 
 
No application has been made to place EBTM plc into administration. The board 
continues to evaluate all strategic options available to the Company and will 
make a further announcement in due course. The Company remains in an offer 
period. 
 
 
For further information: 
 
 
 
 
EBTM plc      020 7819 1950 
Richard Breeden, Chief Executive 
Blue Oar Securities    020 7448 4400 
Andrew Raca / Jerry Keen 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCDGGZZZVLGLZZ