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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: Monday 29th June 2009 Restructuring update - Board considers taking Company private On 10th 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, the Company had been advised by Tenon and GM Business Advisors on the need to place two of its three UK business subsidiaries into administration in order to protect its Portal division, eight existing contracts and seven contracted pipeline projects. This process has been progressed and on Tuesday 30th June 2009 the UK courts will formally appoint administrators to the Melayway and Space Decks business divisions. In light of the reduced scale of the business's operations following this restructuring and the comparatively significant costs associated to remaining on the Alternative Investment Market (AIM), the Board has held initial discussions with the major shareholders of the Company, representing over 65% of the ordinary shares in issue, regarding the possibility of de-listing the Company from AIM. Should the Board resolve to progress with this move, a Circular setting out the full reasons for the de-listing and the date for the General Meeting will be issued to Shareholders. As the resolution to de-list would constitute a Special Resolution, it will require 75% of the votes cast to be in favour. As announced on the 10th June 2009, the Portal division will remain unaffected by this ongoing restructuring, the Group continuing to trade ongoing contracts with a headcount of 29 staff. With regards securing the working capital to complete the restructuring, the Board is continuing its talks with its Bank, its major Shareholders and advisors and is now more confident of a positive outcome. - Ends - Further information: UK Joint Brokers Old Park Lane Capital PLC Forbes Cutler T: +44 20 749 38188 Seymour Pierce John Depasquale T: +44 20 710 78000 UK Media gth Communications Toby Hall/Christian Pickel T: +44 20 715 38039 END
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