Servelec Group Regulatory News (SERV)

14 Dec 2007 12:41

Servocell Group PLC14 December 2007 14 December 2007 Servocell Group plc 'Servocell' or the 'Company' Appointment of Administrators On 10 December 2007, the Company announced that it had requested the suspension of trading in its shares with immediate effect. Since that announcement, the Directors have continued to pursue possible funding alternatives. The Directors, having regard to the Company's cash flow position have reached the conclusion that it would be in the best interests of shareholders, employees and creditors of the Company to appoint Administrators with immediate effect. The Company has today appointed Geoffrey Kinlan and Tony Nygate of BDO Stoy Hayward LLP as Administrators (the Administrators) of the Company. The two trading subsidiaries, Servocell Limited and PBT (IP) Limited have agreeda financial support package from Greenbrook Industries and will continue totrade for the immediate future. No decision has been taken by the Administrators as to the future of the Companyor its subsidiaries at this time. However, the Administrators will be seekingoffers for the businesses from interested parties. Brewin Dolphin has resigned as the Company's Nominated Adviser and Broker. Ifwithin one month of the Company ceasing to have a Nominated Adviser the Companyhas failed to appoint a replacement, the admission of its AIM securities will becancelled. ENQUIRIES: Geoffrey Kinlan, BDO Stoy Hayward LLP, geoff.kinlan@bdo.co.uk 01707-255880 Michael Hartley, Servocell 01279 621 500 Jon Fitzpatrick, Brewin Dolphin (Nomad) 0845 213 4222 This information is provided by RNS The company news service from the London Stock Exchange