Appointment of Administrator

 

TIDMMMG 
 
RNS Number : 5670Y 
Medical Marketing Int'l Group PLC 
04 September 2009 
 

 
 
 
 
 
APPOINTMENT OF ADMINISTRATORS 
 
 
4 September 2009 - Further to the announcement on 13 August 2009, Medical 
Marketing International Group plc ("MMI" or the "Company") (AIM:MMG), the life 
sciences company focused on the development of drugs for cancer, regrets to 
announce that it has today resolved to appoint Mr Ian Carr and Mr Nigel Morrison 
of Grant Thornton UK LLP as administrators of the Company. 
 
 
As announced previously, the directors of the Company (the "Directors") have 
been pursuing funding and other alternatives to establish a firm future for the 
Company whilst minimising the Company's operating costs. 
 
 
The Directors have explored various options for raising further funding to 
enable the Company to continue trading its existing scientific business or, 
alternatively, whether the Company could acquire another business with a view to 
pursuing an alternative line of business. These discussions failed to secure any 
firm indications of future funding. 
 
 
The main reason given to the Directors for this lack of interest is the 
outstanding claim following the termination of the employment of the Company's 
former Executive Chairman, Mr David Best, in March 2008. Various attempts have 
been made to settle this claim but the Company and Mr Best have been unable to 
agree on any settlement, with Mr Best continuing to make claims for amounts 
which are considerably more than both the Company's financial resources and the 
amount which the Directors have been advised by the Company's legal advisers and 
counsel represents the Company's maximum potential liability to Mr Best. 
 
 
On 13 August 2008, the Company announced that the Directors were pursuing 
discussions with one of the Company's major shareholders who had indicated that, 
in principle, he may be prepared to make funding available. Despite providing 
such information which was requested by the shareholder as the Company is 
permitted to provide, no proposal has been received and, based on the 
discussions which occurred, the Directors concluded that it was highly unlikely 
that any proposal was likely to be forthcoming within the timescale required to 
enable to Company to avoid insolvency. 
 
 
Based on the continuing failure to achieve a settlement of Mr Best's claims at a 
level which the Company could support and the failure to secure any offers of 
further funding, the Directors have today resolved to appoint Mr Ian Carr and Mr 
Nigel Morrison of Grant Thornton UK LLP as the Company's administrators. 
 
 
Enquiries: 
 
 
Medical Marketing International Group plc 
Ian Carr and Nigel Morrison, Administrators    Tel: [phone] 
 
 
FinnCap 
Charlie Cunningham    Tel: [phone] 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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