22 Sep 2010 15:53
22nd September 2010
Archial Group Plc (in administration)
Appointment of Administrators
The Board of Archial Group Plc ("Archial", the "Company" or the "Group") announced on Friday 17th September that it had requested a suspension, with immediate effect, of trading of its shares on AIM.
The Company has been in discussions with HMRC, its bankers and principal shareholders with regards to payment in full of amounts due in respect of outstanding amounts due, as announced at the Company's Trading Update on 26th August 2010. On Friday 17 September 2010, ahead of its meeting with HMRC, scheduled for Tuesday 21st September 2010, the Company learnt that HMRC had filed winding up petitions against the Company and certain of its subsidiaries. As a result of the issuing of the petitions the bank accounts of the Company and its subsidiaries were frozen, making ongoing trading very difficult. The Company met with HMRC as planned on 21st September and requested the withdrawal of these petitions and presented a proposal for payment to HMRC provided that HMRC withdrew its petitions with immediate effect. HMRC declined the offer made.
In the light of the outcome of the meeting with HMRC, David Chubb and Graham Frost of PwC were appointed joint Administrators of the Company and certain other subsidiaries in the Group at 4.30pm on 21st September.
The joint Administrators will be seeking a rapid sale of the business as a going concern to achieve the maximum realisations for the creditors of the Group. The directors continue to believe that the Group operates a good business, and are confident that the Administrators will achieve a sale of the business as a going concern.
In accordance with the terms of its agreement with the Company, Numis Securities Limited has today served notice of its resignation as nominated adviser with immediate effect. As such, should the Company not appoint another nominated adviser by 22 October 2010, the admission of its shares to AIM will be cancelled on that date.
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For further information please contact:
| Archial Group Plc Chris Littlemore, Chief Executive Officer John Taylor, Chief Financial Officer Julia Loach Martin, Head of Marketing
| Tel: +44 (0)20 7580 0400 |
| Financial Dynamics Billy Clegg/ Georgina Bonham
| Tel: +44 (0)20 7831 3113 |