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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Metic Grp | LSE:METC | London | Ordinary Share | IE00B3CGTD23 | ORD EUR0.0025 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMETC For immediate release: 10 June 2009 Proposed Restructuring On 1st June 2009 the Directors of Metic Group PLC (AIM: METC), ("Metic", "the Company" or "the Group") informed Shareholders that following the alleged failure by Northern & Western Insurance Company Limited ("N&W") to deliver funds in accordance with the contracted and guaranteed Stand-by Letter of Credit, Tenon had been appointed to conduct a complete review of its business operations. In conjunction with this activity, the Company also appointed GM Business Advisors to review restructuring proposals based on the scenarios that could result from the Tenon report. As a result of these two initiatives, the Board has been advised that eight existing contracts and seven contracted pipeline projects can be protected on the basis that the Melayway and Space Decks subsidiaries are placed into administration. The Portal division will remain unaffected by the proposed restructuring. As a result of the proposed re-organisation, the projected gross income will be materially down for the seven months to the 31 December 2009. To service the reduced revenue stream, the Company has been counselled on the need to reduce its current headcount of 65 to 29. Combined with the 30 redundancies already made, the annualised payroll for the Group will have been reduced from a high of GBP4.65million to GBP1.44million. With regards working capital to complete the restructuring, the Board is currently talking to its Bank, its major Shareholders and advisors with regards the most efficient mechanism for meeting the business's ongoing funding needs. Paul Williams, CEO of Metic, commented: "Based on a full a thorough review of our business, the conclusion of our advisors is that the interests of all Shareholders will be best served by the course of action outlined above. Whilst we appreciate the implications of the advisors' findings touch more of the business's underlying operations than originally envisaged, the Board has been left little room for manoeuvre." - ends - Further information: UK Joint Brokers Old Park Lane Capital PLC Forbes Cutler T: +44 20 749 38188 Seymour Pierce John Depasquale T : +44 207 10 78000 UK Media gth Communications Toby Hall/Christian Pickel T: +44 207 153 8039 END
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