22 Dec 2017 11:40
Ambrian plc
Appointment of Administrators and Suspension from Trading
Ambrian plc ("Ambrian" or the "Company" or, together with its subsidiaries, the "Group") provides an update on the current financial position of the Company.
As previously announced, the Company has been engaged in discussions with a number of counterparties in an effort to secure short-term, external financing to ensure the Company could continue to meet its obligations as they fall due. The Board has also been in discussions to defer the payment of interest on the Convertible Loan Notes issued by the Company on 16 October 2015, the principal terms of which were announced on 30 September 2015 (the "Convertible Loan Notes"), with such interest currently scheduled to be paid at the end of December 2017.
As at the date of this announcement, no offer of financing has been made or is reasonably believed to be imminently forthcoming and the Board has been unable to secure the agreement of a sufficient percentage of the holders of the Convertible Loan Notes to enable it to defer the scheduled interest payment.
It is therefore with great regret that the Board of the Company has resolved to put the company into administration and to appoint Matthew Richards and David Dunckley of Grant Thornton LLP as joint administrators of the Company as soon as practicable.
As a result, the Company has requested that trading of its shares on AIM be suspended from 11.40 a.m. on 22 December 2017.
The Company will make further announcements in due course.
For further information, please contact:-
Ambrian plc |
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Martin Abbott, Chairman | +44 (0)20 7634 4700 |
Roger Clegg, COO |
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John Coles, CFO |
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Cenkos Securities plc |
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Neil McDonald | +44 (0)131 220 9771 |
This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse