Last checked at 4 Oct 2013 15:19
For immediate release
4 October 2013
Sarantel Group plc
("Sarantel" or the "Company")
Corporate update
On 13 June 2013 the Board of Sarantel announced that the directors of Sarantel Limited had appointed PricewaterhouseCoopers LLP as an administrator to Sarantel Limited, the operating subsidiary of the Company.
The Company has been informed by PricewaterhouseCoopers LLP ("PWC") that on 2 October 2013 PWC entered into a sale agreement for the sale of Sarantel Limited's business and assets for an undisclosed sum (the "Sale").
The Sale has resulted in the disposal of the Company's entire operating business and, as such, constitutes a fundamental change of business of the Company under Rule 15 of the AIM Rules, resulting in the Company becoming an Investing Company under the AIM Rules.
The Board has been further informed that PWC does not expect to realise any further amounts from the assets in Sarantel Limited and does not expect therefore that Sarantel will receive any payment from the Sale.
The Directors are accordingly considering the impact of the Sale on the financial position of Sarantel (which is not itself currently in administration) and the potential options, if any, for securing funding for Sarantel which currently has net liabilities. The suspension from trading on AIM in the Company's shares will continue until such time as the Company's financial position can be clarified.
A further update will be provided in due course.
Enquiries:
Sarantel Group PLC | 01933 670 560 |
David Wither | |
Beaumont Cornish (Nominated Adviser) | 020 7628 3396 |
Roland Cornish / Michael Cornish / Emily Staples
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