13 Feb 2019 18:20
13 February 2019
Utilitywise plc
("Utilitywise", the "Company" or the "Group")
Notice of Intention to Appoint Administrators
As previously announced on 28 January 2019, the Board has been undertaking a review of all of the Group's strategic options in order to deliver maximum value for its stakeholders (the "Strategic Review"). The Strategic Review included a potential formal sale process of the Group (the "Formal Sale Process"), all types of corporate transactions, including the sale of certain parts or the whole of the Group, continuing discussions with its shareholders and its bank in relation to a potential equity fundraising and bank refinancing, alongside all other potential strategic options.
Unfortunately, discussions with respect to the sale of the Group and in relation to an equity fundraising and bank refinancing have not been successful. As a consequence of the above, the Formal Sale Process, so far as it relates to a possible sale of the share capital of the Company, has been terminated.
Furthermore, since the announcement of the Strategic Review, the cashflows of the business have deteriorated and, therefore, regrettably the business does not have sufficient funding to meet its liabilities as they fall due.
Consequently the Board has taken the decision that it will take the necessary steps to appoint Andrew Johnson and Chad Griffin of FTI Consulting LLP as administrators of Utilitywise plc.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement this inside information is now considered to be in the public domain.
Further Details:
Utilitywise plc | 0330 303 0233 |
Brendan Flattery (CEO) | |
Richard Laker (CFO) | |
finnCap (Nominated Adviser, Rule 3 Adviser and Joint Broker) | 020 7220 0500 |
Matt Goode / James Thompson (Corporate Finance) | |
Andrew Burdis (Corporate Broking)
Liberum (Joint broker) |
020 3100 2000 |
Robert Morton / Steve Pearce |
|
Newgate Communications | 020 3757 6880 |
Robin Tozer / Elisabeth Cowell |
About Utilitywise
Utilitywise is a leading independent utility cost management consultancy, which has established trading relationships with a number of major UK and European energy suppliers and provides services to its customers designed to assist them in achieving better value out of their energy contracts, reduced energy consumption and lower carbon footprint.
Utilitywise is a UK company quoted on the AIM market of the London Stock Exchange. For more information, please visit www.Utilitywise.com.