Resources In Insurance Group PLC Statement re. Suspension (1033V)

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RNS Number : 1033V

Resources In Insurance Group PLC

10 December 2013

10 December 2013

RESOURCES IN INSURANCE GROUP PLC

("RiIG", the "Group" or the "Company")

SUSPENSION OF TRADING ON AIM,

NOTICE OF INTENTION TO APPOINT AN ADMINISTRATOR

AND COMPLETION OF BUSINESS TRANSFER

The Board of RiIG, a leading provider of claims management and consultancy solutions to the UK

Insurance profession announces today the suspension of trading of its ordinary shares, the notice of intention to appoint an administrator and the transfer of its business and assets to a wholly owned subsidiary.

Suspension of trading on AIM and notice of intention to appoint an administrator

In the Half Year Results announcement issued on 29 November 2013, the Directors noted their assumptions regarding the going concern status of the Group and specifically their expectation that the Group would be able to meet its payment plan with HMRC. In light of further advice and having engaged in further discussions with HMRC, the Directors have formed the view that the Group is no longer able to meet this commitment. As a consequence the payment plan is no longer effective and the arrears are now payable in full. The Company is not in a position to settle this liability.

To protect the Group's position, and specifically to enable it to explore opportunities to protect value in the trading business, the Directors have filed a notice of intention to appoint an administrator to the Company with the High Court of Justice on 9 December 2013.

As a result of the fundamental uncertainty in the financial position of the Group, and the notice of intention to appoint an administrator, the Company therefore requested that the 0.1p ordinary shares of RiIG be suspended from trading with immediate effect.

Transfer of trading business and assets

As further set out in the announcement of 29 November 2013 the Group has reviewed its corporate structure and now completed the transfer of its trading business and assets to its wholly owned subsidiary, RiIG Limited. This aligns the corporate and trading names of the business and differentiates the trading business performance from that of the holding company.

For further information:

 
Resources in Insurance Group plc 
 John French, Executive Chairman 
 www.riig.co.uk 
 
 Nominated Adviser / Joint Broker    [phone] 
Zeus Capital Limited 
Ross Andrews / Andrew Jones          [phone] 
 
  Joint Broker 
Peterhouse Capital Finance Limited 
Jon Levinson                         [phone] 
 

Financial PR

Yellow Jersey PR Limited

 
Dominic Barretto   [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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