Appointment of Administrators (6841T)

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RNS Number : 6841T

Media Square PLC

09 December 2011

Media Square plc ("Media Square" or the "Company")

Appointment of Administrators and sale of assets of the business

Further to the announcement made yesterday, the board of Media Square announces that absent a waiver of the Company's banking covenants, it is unable to meet its repayment obligations to its Bank and is therefore insolvent.

As a result, the Board has appointed Zelf Hussain and Robert Jonathan Hunt of PricewaterhouseCoopers LLP, 7 More London Riverside, London SE1 2RT as administrators to the Company (the "Administrators").

Following their appointment, the Administrators have sold the business and assets of the Company to a new vehicle, MSQ Partners Limited, securing continuing employment for the Company's staff and payment of creditors. The transaction will not result in a return to shareholders.

Following the sale of the business and assets of the Company, the Administrators will fulfil their statutory obligations, distribute asset realisations and seek the appropriate exit route from the administration.

For further information please contact:

 
 PricewaterhouseCoopers LLP 
 
 Sukhjinder Raj                    0113 289 4584 
 Collins Stewart Europe Limited 
 Matt Goode/Adam Miller            020 7523 8350 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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