Statement re Company Position

    RNS Number : 1817J
  Wallgate Group PLC
  01 December 2008
   

    Wallgate Group plc

    ("Wallgate" or the "Company")

    Ceasing to trade, resignation of advisers and directorate change


    Wallgate (AIM ticker: WGT.L) today announces that, following advice received from an insolvency practitioner, the Company today ceased
to trade and is exploring methods of winding up its businesses.

    Accordingly, Strand Partners Limited ("Strand Partners") has today resigned as the nominated adviser to the Company with effect from 5
December 2008 and St Helen's Capital plc has today resigned as the Company's broker with immediate effect.

    Finally, Adam Reynolds and David Wilson have resigned as non-executive directors of the Company with effect from 28 November 2008.

    Howard Strowman, CEO and Chairman of Wallgate, commented, "We are very disappointed not to have successfully refinanced Wallgate as the
directors believe that the reverse logistics business model had the potential to be the basis of a sound and profitable company, largely
insulated from the effects of the economic downturn currently impacting on the retail sector".

    The Company's shares are currently suspended and will remain suspended in light of the above information. It is currently the directors'
intention not to replace Strand Partners as its nominated adviser. If this remains the case, Wallgate's AIM listing will lapse 30 days
following Strand Partners' resignation.

    For further information on the Company please contact:


 Wallgate Group plc       Howard Strowman, Chief           [phone]
                          Executive
                          Simon Fine, Finance Director     [phone]

 Strand Partners Limited  James Spinney                    [phone]


    
 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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