Sign In
Last checked at 
21 May 2009 07:55
ο»Ώ
21Β May 2009
Screen Technology Group plcΒ
(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.Β The directors have continued discussions with the group's main funders. A final proposal was rejected by the funders onΒ 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 onΒ 19 May 2009Β 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 theΒ group's main funders, on 14 June 2009Β Chris HansonΒ and Derek McLennan resigned as Directors of the Company.
Further Charles Stanley SecuritiesΒ hasΒ resigned as Nominated AdviserΒ and BrokerΒ with immediate effect.Β In the event that an alternative Nominated Adviser is not appointed on or before 7.00 amΒ onΒ 22 JuneΒ 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.
End
Follow the stocks
