25 Mar 2014 08:50
25 MARCH 2014
Notice of intention to appoint administrators
Albemarle & Bond Holdings plc ("Albemarle" or the "Company") announced on 24 March 2014 that its lending banks were unable to support the management turnaround plan, and that there would be no realistic prospect of any value being attributable to the Company's Ordinary Shares.
The Company's lenders informed the Board of Albemarle (the "Board") last night that they do not consider the possible options being explored by the lenders and the Board as capable of being completed. As a result and due to the continuing trading losses of the Company, the Board has concluded not to request a further extension of the covenant deferral beyond 31 March 2014.
Consequently, and in the absence of any other available facilities from its lenders or elsewhere, the Company will shortly be unable to meet its liabilities as they fall due. The Board has therefore concluded that, in such circumstances, the appointment of an administrator is the most appropriate course of action. The company therefore announces that it will file notice of intention to appoint four insolvency practitioners from PricewaterhouseCoopers LLP as Joint Administrators to Albemarle this morning as soon as is practically possible.
For further information:
MHP Communications:
Reg Hoare 0203 128 8100
Katie Hunt
Simon Hockridge
Canaccord Genuity Limited:
NOMAD and broker Financial adviser
Piers Coombs 0207 523 8000 Lawrence Guthrie 0207 665 4642
Bruce Garrow 0207 523 8000 Shaun Holmes 0207 665 4682
Publication on Website
A copy of this announcement will be made available at www.albemarlebondplc.com
Canaccord Genuity Limited ("Canaccord"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for Albemarle & Bond Holdings plc (as financial adviser, nominated adviser and broker) and no one else in connection with the matters referred to in this announcement and will not be responsible to anyone other than for Albemarle & Bond Holdings plc for providing the protections afforded to clients of Canaccord nor for providing advice in relation to the matters referred to in this announcement.