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2 Nov 2009 13:10
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02 NovemberΒ 2009
ASG MediaΒ PLCΒ ("ASG" or "theΒ Company")
(AIM:ASG)
Appointment of Administrators
The Board of ASG Group plc regrets to announce that, having carefully considered the financial position and strategic options of the Company, on 02 November 2009 it appointed Antony Batty and Stephen Evans of Antony Batty & Company LLP to act as Joint Administrators of the Company with immediateΒ effect.
Since the announcementΒ of suspension on 20 October 2009Β the Board hasΒ continued to exploreΒ options to address theΒ Company's working capital requirement. The Board has continuedΒ discussions with a number of parties including potential equity investorsΒ andΒ existing shareholdersΒ up until last night.Β Until it became clear that further funding would not be forthcomingΒ the directorsΒ wereΒ hopeful that funding would beΒ secured.Β
Furthermore the BoardΒ announcesΒ that Charles Stanley Securities ("Charles Stanley"), the Company's nominated adviser for the purposes of the AIM Rules for Companies ("AIM Rules"), has tendered its resignation as the Company's Nominated Adviser and Broker, with immediate effect.Β
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If ASGΒ has failed to appoint a replacement Nominated AdviserΒ by 03Β DecemberΒ 2009, the admission of the Company's shares to trading on AIM will be cancelledΒ in accordance with RuleΒ 1 of the AIM Rules.Β
Enquiries:Β
Β
|
AntonyΒ Batty & Company LLPΒ Administrators AntonyΒ Batty Stephen Evans |
020 7831 1234 |
|
ASG MediaΒ plcΒ Jamie Ball, Managing Director Gary Truman, Finance Director |
020Β 7902 2345 |
|
Charles Stanley SecuritiesΒ Nominated Adviser Russell CookΒ / Freddy CrossleyΒ |
020 7149 6000 |
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