Harland & Wolff Group Holdings PLC Appointment of Administrators

RNS Number : 0801G

Harland & Wolff Group Holdings PLC

27 September 2024

 

27 September 2024

 

Harland & Wolff Group Holdings plc

("Harland & Wolff" or the "Company")

 

 

Administrators appointed to Harland & Wolff Group Holdings Plc

 

 

On 16 September 2024, the Company announced that the Board had concluded the Company is insolvent on a balance sheet basis and accordingly, contingency planning was underway to place the Company into administration. As of today, 27 September 2024, the Company has appointed Gavin Park and Matt Cowlishaw of Teneo Financial Advisory Limited as Joint Administrators (together "the Administrators") to the Company.

 

The Company is an AIM-quoted parent company for a group which specialises in shipbuilding, ship repair and marine engineering. It is a non-trading holding company and is the only entity to which administrators have been appointed.

 

The Company's subsidiaries in Northern Ireland (Belfast), Scotland (Arnish and Methil) and England (Appledore) are not subject to insolvency processes and are continuing to trade under the control of their directors.

 

At the date of appointment, the Company had 66 employees. The Administrators will unfortunately be required to reduce the headcount upon appointment. A number of employees will be retained to provide certain required services to the operational companies under a transitional services agreement with the Administrators.

 

Rothschild & Co was engaged on 25 July 2024 to assess strategic options for the Company and its subsidiaries. This process remains ongoing and further updates will be made as appropriate. Following today's appointment of Administrators, the Company reconfirms its position that the strategic review will not result in any returns to shareholders of Harland & Wolff Group Holdings plc.

 

Resignation of Nominated Adviser and Joint Brokers

 

As a result of the Company's appointment of Administrators, Cavendish Capital Markets Limited has informed the Company of its resignation as Nominated Adviser and Joint Broker to the Company with immediate effect.  Pursuant to AIM Rule 1, if a replacement Nominated Adviser is not appointed within one month from the resignation of the current Nominated Adviser, the admission of the Company's shares to trading on AIM will be cancelled. The Company has no current intention of appointing a replacement Nominated Adviser.

 

Furthermore, the Company announces the resignation of Panmure Liberum as Joint Broker with immediate effect.

 

 

For further information, please visit  www.harland-wolff.com  or contact:

 

Harland & Wolff Group Holdings plc

[phone] [e-mail]   [e-mail]

 

 

ENDS

 

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