Last checked at 13 Dec 2019 11:58
13 December 2019
CEPS PLC
("CEPS" or the "Company")
Notice of intention to appoint an administrator to CemTeal Limited and associated subsidiaries
The Board announces that, further to the announcement made on 4 December 2019, CEM Press Limited ("CEM") and Travelfast Limited (trading as Sampling International) ("Sampling) are today filing a notice of intention to appoint an administrator.
As previously announced, CemTeal is 80% owned by CEPS, with the remaining 20% being owned by management and external shareholders. CemTeal owns 100% of Sampling. CEM is the wholly owned subsidiary of CEM Press Holdings Limited, which in turn is the 97.86% subsidiary of CemTeal, with the remaining 2.14% being owned by a private shareholder.
It is anticipated that the remaining entities in the CemTeal group of companies will be wound-up in the near future.
It is anticipated that there will be no cash cost to CEPS in respect of this action. The losses relating to the CemTeal group of companies will be reflected in the Company's accounts to 31 December 2019. As previously announced, CEPS' trading, based on the September 2019 management accounts, being the latest available and excluding the CemTeal group of companies, is ahead of the Board's expectations in all but one subsidiary.
Interested parties requiring further information on the businesses mentioned above should contact Moorfields as follows:
Moorfields Advisory Limited
88 Wood Street
London
EC2V 7QF
Principal Contact: Tom Straw
Direct Dial: +44 (0)207 186 1148
Switchboard: +44 (0)207 186 1144
Fax: +44 (0)207 186 1177
Email: tstraw@moorfieldscr.com
The announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Enquiries
CEPS PLC David Horner, Chairman |
+44 1225 483030
|
Cairn Financial Advisers LLP Tony Rawlinson / James Caithie |
+44 20 7213 0880 |