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21 May 2009 07:55
21 May 2009
Screen Technology Group plc
(the "Company")
Appointment of Administrators
The Company announced on 29 April 2009 that following a series of meetings with the Company's main shareholders, the Board was uncertain that it would be able to obtain further funding. The directors have continued discussions with the group's main funders. A final proposal was rejected by the funders on 13 May 2009. Following this the directors consulted McTear Williams and Wood, a firm of business rescue and insolvency practitioners to explore the options available. As a result of their advice, the directors concluded that the company could not avoid insolvency and resolved to place the Company and its principal subsidiary, Screen Technology Limited into administration. Accordingly Chris Williams and Andrew McTear of McTear Williams and Wood were appointed joint administrators of Screen Technology Limited on 19 May 2009 and of Screen Technology Group plc on 20 May, in both cases by the directors filing a notice of appointment in Court.
Following rejection of the final proposal by the group's main funders, on 14 June 2009 Chris Hanson and Derek McLennan resigned as Directors of the Company.
Further Charles Stanley Securities has resigned as Nominated Adviser and Broker with immediate effect. In the event that an alternative Nominated Adviser is not appointed on or before 7.00 am on 22 June 2009 then, in accordance with Rule 1 of the AIM Rules for Companies, the admission of the Company's ordinary shares to trading on AIM will be cancelled.
The Joint administrators' are working to find a buyer for the business and assets and anyone interested should contact Chris McKay on 01223 903021.
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