Market Update

 

TIDMMPS 
 
RNS Number : 5924K 
Minorplanet Systems PLC 
22 April 2010 
 

 
Minorplanet Systems plc 
 
 
22 April 2010 
 
 
             Minorplanet Systems plc ("Minorplanet" or the "Group") 
 
 
                                  Market Update 
 
 
The Board announces that further to the Preliminary Results announcement of 26 
February 2010, HMRC have notified the Company that they intend to execute a 
winding up petition against the Group's UK trading subsidiary Minorplanet 
Limited (the "Company") in order to recover payments outstanding of 
approximately GBP2m as at the current date. The court hearing date has been set 
for 5th May 2010. 
 
Following notification, advisers have been appointed to effect a sale of the UK 
business in order to meet its current obligations to creditors. 
 
The Board believes that the Group and its other subsidiaries have sufficient 
funds to meet their immediate financial obligations and can continue to trade 
during this process. It should be noted that the Group has provided a guarantee 
to the Company's bankers in relation to its borrowings of approximately 
GBP0.7m. The current proceedings may have an adverse impact on the Company's 
revenue (which accounts for approximately 40% of the Group's turnover) and 
general trading position. 
 
The Group continues to monitor its financial position closely and will update 
the market with additional information when it becomes available on or prior to 
5th May. 
 
 
+---------------------------+---------+----------------------------------+ 
| Minorplanet Systems plc   |    Tel: |                    0113 346 7777 | 
+---------------------------+---------+----------------------------------+ 
| Terry Donovan, Chief      |              [e-mail] | 
| Executive                 |                                            | 
+---------------------------+--------------------------------------------+ 
| Richard Hopkin, Finance   |             [e-mail] | 
| Director                  |                                            | 
+---------------------------+--------------------------------------------+ 
|                           |         |              www.minorplanet.com | 
+---------------------------+---------+----------------------------------+ 
|                           |         |                                  | 
+---------------------------+---------+----------------------------------+ 
| Shore Capital & Corporate |    Tel: |                    020 7408 4090 | 
| Ltd                       |         |                                  | 
+---------------------------+---------+----------------------------------+ 
| Anita Ghanekar            |         |                                  | 
+---------------------------+---------+----------------------------------+ 
| Edward Mansfield          |         |                                  | 
+---------------------------+---------+----------------------------------+ 
|                           |         |                                  | 
+---------------------------+---------+----------------------------------+ 
| Rawlings Financial PR     |    Tel: |                    01653 618 016 | 
| Limited                   |         |                                  | 
+---------------------------+---------+----------------------------------+ 
| Catriona Valentine        |         | [e-mail] | 
+---------------------------+---------+----------------------------------+ 
|                           |         |      www.rawlingsfinancial.co.uk | 
+---------------------------+---------+----------------------------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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