ASH.L Regulatory News (ASH)

13 Jun 2005 09:37

Ashdene Group PLC13 June 2005 Ashdene Group Plc (the "Company") Appointment of Liquidator Further to the announcement made 19 January 2005 in which the Board announcedthat it was in discussions with potential providers of finance in order toinject new cash resources in to the Company with a view to stabilising theCompany's financial position, the Board wishes to report that these discussionscontinued for some weeks and involved negotiations with creditors as well as theneed to agree suitable terms with the funders. Whilst these negotiations weretaking place a winding up petition was issued against the Company that could notbe avoided. The Company was accordingly placed in to liquidation. Oakburn Import Export Limited, the Company's operating subsidiary has also beenplaced in to administration and is likely to be liquidated in due course. For some considerable time the Board has worked tirelessly with the aim ofresolving the Company's financial difficulties. The appointment of theliquidator was in the Boards view unavoidable and the Board very much regretsthis highly unsatisfactory outcome for shareholders. The directors do not expect the Company to resume trading on AIM. End This information is provided by RNS The company news service from the London Stock Exchange