AER Aerte Grp

TIDMAER

RNS Number : 8304S

Aerte Group PLC

05 December 2012

5 December 2012

AERTE GROUP PLC

(the "Company" or together with its subsidiaries the "Group")

Appointment of administrators

Further to the announcement on 26 November 2012, the Company announces that it has been unable to secure additional funding for the Group and as such, is unable to continue to trade as a going concern. Consequently, the Company has appointed Chris Pillar and Stuart Maddison of PricewaterhouseCoopers LLP, as joint administrators of the Aerte Group PLC, Aerte Limited and A D Science Limited.

The decision to appoint the administrators is taken after careful consideration and having explored all options to raise additional capital. The Board would like to thank the Group's employees and customers for their hard work and support throughout the Company's history.

The Directors will be working with the administrators to protect the interest of creditors and to try and ensure that the business is saved in part or as a whole and the administrators ask any interested parties to contact them as a matter of urgency.

As a result of the appointment of administrators, Panmure Gordon (UK) Limited has today resigned as Nominated Adviser to the Company with immediate effect. Pursuant to AIM Rule 1, if a replacement Nominated Adviser is not appointed within one month, the admission of the Company's securities will be cancelled. The Company has no intention of appointing a replacement Nominated Adviser.

Trading in the Company's Ordinary Shares on AIM remains suspended.

For further information:

   Aerte Group PLC                                      Tel: +44 (0)20 7603 1515 

Andrew Tonks, Chief Executive

PwC LLP

Press enquiries: Elizabeth Faulkner, PwC media relations, +44 (0)20 7213 1018 elizabeth.a.faulkner@uk.pwc.com

Interested parties: Claire McEwen, +44 (0)118 938 3592

claire.l.mcewen@uk.pwc.com

Creditors and other parties: James Kent, +44(0)1202 414390

james.e.kent@uk.pwc.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

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