31 Oct 2018 07:30
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.
31 October 2018
Crawshaw Group PLC
("Crawshaw Group", the "Group" or the "Company")
Intention to appoint administrators
and
Suspension to trading on AIM
As previously announced on 26 October 2018, the Board was considering a number of remedial actions including raising additional funding through an equity capital raising in order to address the key issues it had identified with the Company. Since then, the Board has been in discussions with existing investors and prospective investors. Unfortunately these discussions have not been successful in raising sufficient capital to address those key issues.
The Company does not have sufficient cash resources to effect the required restructuring of the business.
In the light of the above and the operational and financial uncertainty which the Company now faces, in order to protect both shareholders and creditors, the Board has taken the decision to place the Company into administration and intends to appoint administrators shortly with the purpose of seeking buyers for the Group's business and assets on a going concern basis.
As a result, the Board announces it has requested a suspension of trading in its shares on AIM with effect from 7.30am on 31 October 2018.
Further announcements will be made in due course.
Enquiries:
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Crawshaw Group plc Jim Viggars, Nick Taylor | 01709 369 600 |
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Peel Hunt LLP (Nomad and joint broker) Adrian Trimmings, George Sellar
| 020 7418 8900 |
WH Ireland Limited (Joint Broker) Katy Mitchell, James Sinclair Ford, Jasper Berry
| 020 7220 1666 |
Citigate Dewe Rogerson Angharad Couch, Nick Hayns | 020 7638 9571 |