Crawshaw Group PLC Intention to appoint administrators (7850F)

TIDMCRAW

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 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

MSCFDEEESFASESS

(END) Dow Jones Newswires

October 31, 2018 03:30 ET (07:30 GMT)