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FRP Frp Advisory Group Plc

112.00
-1.00 (-0.88%)
18 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Frp Advisory Group Plc LSE:FRP London Ordinary Share GB00BL9BW044 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.00 -0.88% 112.00 111.50 112.50 112.00 111.50 111.50 340,505 09:00:23
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Business Consulting Svcs,nec 104M 12.7M 0.0506 22.13 281.04M

Fairpoint Group plc: Notice of intention to appoint Administrators

04/08/2017 7:01am

UK Regulatory


Dow Jones received a payment from EQS/DGAP to publish this press release.

 
 
 Fairpoint Group plc (FRP) 
Fairpoint Group plc: Notice of intention to appoint Administrators 
 
04-Aug-2017 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
            4 August 2017 
 
            For immediate release 
 
      Fairpoint Group PLC 
 
      ("Fairpoint" or the "Group") 
 
      Notice of intention to appoint Administrators 
 
      On 3 July 2017 Fairpoint announced that AIB Group (UK) plc ("AIB") had 
 assigned its debt due from Fairpoint to Doorway Capital Limited ("Doorway") 
and that, in conjunction with the assignment of debt, Doorway had provided a 
Receivables Funding Facility (the "Facility") of up to GBP5 million to Simpson 
      Millar LLP ("Simpson Millar"), the Group's wholly owned Legal Services 
            business. 
 
    The Board believe that this new Facility provided by Doorway will enable 
 Simpson Millar and its subsidiaries (the "Legal Businesses") to continue to 
        trade as going concerns and take advantage of the growth opportunity 
    presented by the size and highly fragmented nature of the consumer legal 
            services market-place. 
 
  However, ongoing support for the Group's subsidiaries outside of the Legal 
 Businesses is made more difficult due to the existence of the onerous lease 
 on the Group's head office which has an annual commitment of cGBP1m per annum 
  for a further 4 years. As a result, and following detailed discussions and 
     the evaluation of a number of options, the Board has concluded that the 
     holding company of the Group, Fairpoint Group plc, is no longer able to 
    continue trading as a going concern and has filed notice of intention to 
            appoint administrators. 
 
     Unless financial circumstances change, and in accordance with statutory 
 requirements, the Board intend to appoint administrators within 10 business 
 days. The secured creditor can, however, appoint administrators without the 
            requirement for notice. 
 
  The Board do not expect this announcement to have a material impact on the 
       planned disposal of the IVA and Claims divisions to a third party, as 
            previously announced on 12 July 2017. 
 
            A further announcement will be made in due course. 
 
            For enquiries please contact: 
 
                         Fairpoint Group plc 
    David Broadbent, Chief Executive Officer       0344 826 1209 
 
Shore Capital (Nominated advisor and broker) 
                                  Mark Percy       020 7408 4090 
                            Edward Mansfield 
 
                          MHP Communications  fairpoint@mhpc.com 
                                   Reg Hoare       020 3128 8794 
                                  Katie Hunt 
 
Language:      English 
ISIN:          GB0032360280 
Category Code: MSCH 
TIDM:          FRP 
Sequence No.:  4498 
 
End of Announcement EQS News Service 
 
598753 04-Aug-2017 
 
 

(END) Dow Jones Newswires

August 04, 2017 02:01 ET (06:01 GMT)

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