Pittards PLC - Yeovil, Somerset-based leather goods producer - Further to announcement last month, confirms it has appointed Lucy Winterborne and Daniel Hurd, administrators from Ernst & Young LLP, as joint administrators to the company. Says the joint administrators are at an advanced stage of negotiations to sell its business and assets, including its Ethiopian subsidiaries. Says the transaction is expected to formally close no later than Wednesday. Says that if the transaction cannot be concluded, the joint administrators will assess available options to realise value for the Pittards' creditors. Says the joint administrators will be contacting shareholders "in due course" with further information on the administration process and the sale of Pittards' business and assets.
Also notes WH Ireland has informed Pittards of its intention to resign as nominated adviser and broker with immediate effect. If a replacement nominated adviser is not appointed within one month, says the admission of the Pittards shares to trading on AIM will be cancelled. Says it has no current intention of appointing a replacement nominated adviser and that trading of its shares on AIM remains suspended.
By Greg Rosenvinge, Alliance News reporter
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