Further re Suspension

 

TIDMAI. 
 
RNS Number : 8668B 
Aero Inventory PLC 
03 November 2009 
 

Aero Inventory plc (the "Company" or "Group") 
 
 
 
 
 
 
Further to the announcement on 26 October 2009, the board of the Company is now 
providing an update. 
 
 
The preliminary results of the ongoing accounting and stock reconciliation 
investigations show that the stock valuation issue highlighted in the previous 
announcement is now broader than first thought. The issue appears to involve not 
only the accounting book value of stock but also in some instances physical 
quantities. The Board is also reviewing the accuracy of recent financial reports 
provided to its banks. 
 
 
These reviews are ongoing and the consequences whilst being evaluated still 
remain uncertain. 
 
 
Discussions with the Group's banks continue. In particular the Group is waiting 
to hear from its banks regarding the Group's ability to access credit and their 
ongoing financial support. 
 
 
The board has made the following appointments. Colin Trupp, previously Business 
Development Director, has been appointed as acting chief executive and Swag 
Mukerji has been appointed on an interim basis with responsibility for the 
Groups financial operations. Swag Mukerji is an experienced finance director 
having previously worked with the Priory Group and Biocompatibles International 
plc. 
 
The board is reviewing the positions of Rupert Lewin (Chief Executive), Hugh 
Bevan (Finance Director) and Martin Dodge (Chief Operating Officer). 
 
 
Further announcements will be made in due course. 
 
 
Enquiries: 
 
 
Aero Inventory                                    020 8449 9263 
Nigel McCorkell 
 
 
J.P. Morgan Cazenove                          020 7588 2828 
Guy Marks 
 
 
Buchanan Communications Limited      020 7466 5000 
Bobby Morse 
Christian Goodbody 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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