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Pin to quick picksHarland & Wolff Regulatory News (HARL)

  • This share is currently suspended. It was suspended at a price of 8.375

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Appointment of Administrators

27 Sep 2024 15:03

RNS Number : 0801G
Harland & Wolff Group Holdings PLC
27 September 2024
 

27 September 2024

 

Harland & Wolff Group Holdings plc

("Harland & Wolff" or the "Company")

 

 

Administrators appointed to Harland & Wolff Group Holdings Plc

 

 

On 16 September 2024, the Company announced that the Board had concluded the Company is insolvent on a balance sheet basis and accordingly, contingency planning was underway to place the Company into administration. As of today, 27 September 2024, the Company has appointed Gavin Park and Matt Cowlishaw of Teneo Financial Advisory Limited as Joint Administrators (together "the Administrators") to the Company.

 

The Company is an AIM-quoted parent company for a group which specialises in shipbuilding, ship repair and marine engineering. It is a non-trading holding company and is the only entity to which administrators have been appointed.

 

The Company's subsidiaries in Northern Ireland (Belfast), Scotland (Arnish and Methil) and England (Appledore) are not subject to insolvency processes and are continuing to trade under the control of their directors.

 

At the date of appointment, the Company had 66 employees. The Administrators will unfortunately be required to reduce the headcount upon appointment. A number of employees will be retained to provide certain required services to the operational companies under a transitional services agreement with the Administrators.

 

Rothschild & Co was engaged on 25 July 2024 to assess strategic options for the Company and its subsidiaries. This process remains ongoing and further updates will be made as appropriate. Following today's appointment of Administrators, the Company reconfirms its position that the strategic review will not result in any returns to shareholders of Harland & Wolff Group Holdings plc.

 

Resignation of Nominated Adviser and Joint Brokers

 

As a result of the Company's appointment of Administrators, Cavendish Capital Markets Limited has informed the Company of its resignation as Nominated Adviser and Joint Broker to the Company with immediate effect. Pursuant to AIM Rule 1, if a replacement Nominated Adviser is not appointed within one month from the resignation of the current Nominated Adviser, the admission of the Company's shares to trading on AIM will be cancelled. The Company has no current intention of appointing a replacement Nominated Adviser.

 

Furthermore, the Company announces the resignation of Panmure Liberum as Joint Broker with immediate effect.

 

 

For further information, please visit www.harland-wolff.com  or contact:

 

Harland & Wolff Group Holdings plc

 

+44 (0)20 3900 2122

investor@harland-wolff.com

media@harland-wolff.com

 

 

ENDS

 

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Date   Source Headline
28th Oct 20247:00 amRNSCancellation - Harland & Wolff Group Holdings PLC
27th Sep 20243:03 pmRNSAppointment of Administrators
16th Sep 202411:00 amRNSBusiness Update
11th Sep 202412:39 pmRNSDirectorate Change
13th Aug 20243:41 pmRNSDirectorate Changes
12th Aug 202412:57 pmRNSBoard appointments & other updates
6th Aug 20248:45 amRNSFalkland Islands Port Replacement Project Update
1st Aug 20247:00 amRNSNew Facility, Board Change & Scilly Ferries Update
19th Jul 20241:07 pmRNSUKEF EDG Facility Update and Board Changes
17th Jul 202410:30 amRNSManagement Response to Financial Times Article
15th Jul 20247:00 amRNSAccounts Update
1st Jul 20247:30 amRNSSuspension - Harland & Wolff Group Holdings plc
1st Jul 20247:00 amRNSUnaudited Preliminary Results
1st Jul 20247:00 amRNSAccounts Update & Suspension
17th Jun 20244:01 pmRNSIslandmagee Energy Update
7th Jun 20243:00 pmRNSIslandmagee Judicial Update
3rd Jun 20248:53 amRNSHolding(s) in Company
15th May 20241:18 pmRNSTimes Article & Recent Speculation
6th Mar 20247:00 amRNSNew Contract Win - Arnish
5th Mar 20247:00 amRNSPreferred Bidder Award
25th Jan 202411:15 amRNSChange of Nominated Adviser and Broker
29th Dec 20237:00 amRNSUpdate re. New Credit Facility
21st Dec 20239:50 amRNSUpdate re. Possible Offer
30th Nov 20234:00 pmRNSTrading Statement
30th Nov 20238:45 amRNSForm 8.5 (EPT/NON-RI)
28th Nov 20238:47 amRNSForm 8.5 (EPT/NON-RI)
27th Nov 20238:16 amRNSForm 8.5 (EPT/NON-RI)
24th Nov 20231:13 pmRNSMello Conference
24th Nov 20237:00 amRNSStatement re Possible Offer
15th Nov 20231:30 pmRNSFurther re: Islandmagee Legal Update
8th Nov 20239:19 amRNSMoU - New Aluminium Vessel Build
7th Nov 20237:00 amRNSFirst Contract Win by Harland & Wolff (USA)
6th Nov 20237:00 amRNSContract Award
20th Oct 202312:17 pmRNSIslandmagee Legal Update
20th Oct 20237:00 amRNSContract Win - SeaRose Upgrade
9th Oct 20237:00 amRNSMaritime Operations Commencement & Isles of Scilly
15th Sep 20234:38 pmRNSPartnership with Echandia
8th Sep 20237:01 amRNSInvestor Meet Company Presentation
8th Sep 20237:00 amRNSHalf-year Report
31st Aug 202310:38 amRNSIslandmagee Judicial Review Update
30th Aug 20237:00 amRNSProposed Ferry Build & Operate Programme
21st Aug 20237:00 amRNSIslandmagee Judicial Review Update
3rd Aug 20237:00 amRNSNew Aberdeen Subsidiary
1st Aug 20237:00 amRNSContract Win - Heavy Lift Vessel
31st Jul 20237:00 amRNSLetter of Intent – Major Vessel Refurbishment
28th Jul 20231:37 pmRNSAGM Voting Results
26th Jul 20238:53 amRNSResult of AGM
19th Jul 20237:00 amRNSVirtual Investor Event
30th Jun 20235:56 pmRNSAnnual Financial Report
23rd Jun 20232:00 pmRNSAnnual Results Update

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