8 Sep 2010 07:00
Formation Group Plc ("Formation")
Formation Asset Management placed into voluntary liquidation
On 15 December 2009, Formation announced the disposal of assets of Formation Asset Management Ltd ("FAM") in line with the Group's strategy to concentrate its efforts in the property sector. It was also announced that FAM will be retained by the Group for a period of time in order to wind it down in accordance with its regulatory framework as a directly authorised FSA business. The business ceased trading new business with immediate effect.
Formation announces that the Board of FAM has appointed Bucher Woods Corporate Recovery in relation to placing FAM into Creditors Voluntary Liquidation. A meeting of the creditors will be held on 14 September 2010.
The Directors' estimate that Formation has no exposure to FAM.
Enquiries:
Formation Group PLC
Tel: 020 7930 7590
David Kennedy (Chief Executive Officer)
Zeus Capital
Tel: 0161 831 1512
Ross Andrews
Tom Rowley
FRM.L (FRM)