IN BRIEF: Pittards clarifies it has not yet appointed administrators

Pittards PLC - Yeovil, Somerset-based leather goods producer - Says it has not appointed administrators yet and that it continues to trade. On Sunday, the BBC reported that Pittards had appointed administrators.

https://www.bbc.co.uk/news/uk-england-somerset-66492308

On Tuesday, Pittards said it had resolved to file notice of intention appointing Ernst & Young LLP as administrators "as soon as reasonably practicable," following discussions with its advisers. It said it was taking this action to protect its creditors' interests. In late July, after receiving valid applications for 5.1 million new shares, raising GBP204,049, Pittards said it was considering all its strategic options for the benefit of its stakeholders, which could include an orderly sale of the company's business and assets. Earlier in July, it said it would likely put itself into administration if it was unable to raise a further GBP1.2 million after raising up to GBP1 million via the issue of 25.0 million shares at 4 pence each to an unnamed trade investor.

Shares in Pittards are currently suspended.

By Greg Rosenvinge, Alliance News reporter

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