Appointment of Joint Administrators

    RNS Number : 1404A
  Greatfleet PLC
  29 July 2008
   

    For immediate release                                                                      29 July 2008

    Greatfleet plc
    ("Greatfleet" or the "Company")

    Appointment of Joint Administrators

    The Board of Greatfleet announces that on 29 July 2008, and at its request, SME Invoice Finance ("SME"), the Company's invoice
discounting provider, appointed Michael Healy of Leonard Curtis and Paul Boyle of Harrisons as joint administrators (the "Joint
Administrators") to take over and manage the business and affairs of the Company and its subsidiaries (the "Group").

    This appointment follows the Company's announcements of 9 July 2008 and 10 July 2008 when dealings in the Company's shares were
suspended from trading on AIM pending clarification of the Company's financial position. This arose following recent difficult trading and
the failure of the Company to agree repayment terms with a major creditor. As a consequence the Board was concerned that the Company may not
have sufficient working capital for its present requirements.

    On 11 July 2008, the Company entered into a period of protection pursuant to the provisions of the Insolvency Act and Rules and on 25
July 2008 a further period of protection was granted until 8 August 2008.

    Since 11 July 2008, the Board has continued to work with the Company's business recovery advisers in assessing how to protect the
interests of creditors, and also shareholders. Discussions have taken place with parties interested in acquiring parts of the Group's
business and, with effect from today, the Joint Administrators will continue such discussions with interested parties.

    The Board of Greatfleet announced on 30 June 2008 that it had posted to shareholders a notice of annual general meeting to be held at
the offices of Noble & Company Limited at 120 Old Broad Street, London, EC2N 1AR on 4 August 2008 at 10 a.m. Following today's appointment
by SME of the Joint Administrators over the affairs of the Group, the annual general meeting of the Company has been cancelled.

    Further announcements will be made as and when appropriate.

    For further information please contact:

    Greatfleet plc
    Sir John Baker, Chairman
    Colin Gerstein, Chief Executive Officer                                                     Tel: [phone]

    Noble & Company Limited (nominated adviser and broker)
    Nick Naylor
    Nick Athanas                                                                                           Tel: [phone]

    AVS Publicity (PR adviser to the Joint Administrators)
    Alison Sutherland                                                                                      Tel: [phone]




This information is provided by RNS
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