20 Jun 2019 14:00
Date: 20 June 2019
On behalf of: Paragon Entertainment Limited ("Paragon", the "Company" or the "Group")
Paragon Entertainment Limited
Notice of Intention to Appoint Administrators
Suspension of trading on AIM
Resignation of CEO
Paragon Entertainment Limited (AIM: PEL), the attractions design, production and fit-out business, announces that following discussions with its lending bank, HSBC, the Board has resolved to appoint administrators to the Company as soon as possible.
The Company does not have sufficient cash resources to continue to trade and to pay its creditors as they fall due.
Suspension of Trading on AIM
In the light of the above and the operational and financial uncertainty which the Company now faces, and 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 Company'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 2.00 p.m. on 20 June 2019.
Resignation of CEO
Damien Latham, CEO of the Company, has resigned from the Company with immediate effect.
- ENDS -
For further information:
Paragon Entertainment Limited Mark Taylor (Chairman)
finnCap Ltd Julian Blunt / Simon Hicks (corporate finance) Alice Lane (corporate broking) |
01904 608020
020 7220 0500
|
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.