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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Potential Fin | LSE:POT | London | Ordinary Share | GB0009205286 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.00 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPOT RNS Number : 5167N Potential Finance Group PLC 18 February 2009 Potential Finance Group plc ("Potential" or the "Company") Appointment of Administrators The Board of Potential regrets to announce that, having carefully considered the financial position and prospects of the Company, it has appointed David John Standish and Allan Watson Graham of KPMG LLP to act as Administrators of the Company late yesterday afternoon. Further to the announcement on 6 February 2009 the Board had intended to pursue the recovery of the one outstanding debtor of Potential Finance Limited albeit it was expected that this recovery could take many months. It was hoped that by keeping the creditors informed, a formal insolvency process could be avoided. Between 6 and 9 February, the Board received notices, pursuant to sections 168 and 312 of the Companies Act 2006, from certain shareholders of the Company. requisitioning the Board to call an Extraordinary General Meeting The purpose of the requisitions was to effect a change in board control. When made aware of the requisitions, a number of banks, which are creditors of the Company's subsidiary Potential Vehicle Hire Ltd in administration, called in cross company guarantees which the Company is unable to settle. The banks made it clear that they would seek to enforce such guarantees through a formal insolvency process and that they would instigate the process if the Board failed to do so, leaving the Company with no alternative but to enter into administration. The Company also announces that it has today been notified by Charles Stanley Securities of its resignation as Nominated Adviser and Broker to the Company with immediate effect. In the event that an alternative Nominated Adviser is not appointed on or before 7.00 am on 19 March 2009 then, in accordance with Rule 1 of the AIM Rules for Companies, the admission of the Company's ordinary shares to trading on AIM will be cancelled. 18 February 2009 Further information: Emma Murray, KPMG 020 7694 6506 Charles Stanley Securities (Nominated Adviser) Philip Davies / Carl Holmes 020 7149 6000 This information is provided by RNS The company news service from the London Stock Exchange END MSCBBGDDUUBGGCI
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