EBJ European Bus

    RNS Number : 4811G
  European Business Jets plc
  22 October 2008
   

    EUROPEAN BUSINESS JETS PLC
    UPDATE ON FINANCIAL POSITION
    European Business Jets PLC ("EBJ" or "the Company") announced on 1 October 2008 that, under AIM Rule 19, its shares were to be suspended
pending publication of its financial statements for the year ended 31 March 2008. The delay was caused by a late decision on the part of the
Company's auditors that the Company should change its accounting treatment of its Limited liability Partnerships.
    The fact that EBJ's shares have been suspended, combined with a sharp reduction in sales through out the airline industry and the
failures of other aircraft companies has led to a significant pressure from the Company's funders and creditor as well as a reduction in
fractional sales.
    Notwithstanding strong demand from card customers, the EBJ board has taken a decision to cease operations. The Company's bankers have
been notified and are presently deciding as to the best method to recover their loan.
    The EBJ directors believe that the Company's business strategy is fundamentally sound, as demonstrated by strong demand from card
customers, and that the decision to cease operations was the result of extremely difficult financial markets and the recent share
suspension. The Company will continue to seek a transaction or investment with a view to preserving some shareholder value and will make
further announcements as appropriate. To this end, EBJ is retaining its Air Operator's Certificate ("AOC") which will be suspended until
such time as operations can be resumed.
    As a result of the Company's financial difficulties, there will be a further delay in publishing the results for the year ended 31 March
2008. The Company's shares will remain suspended pending both publication of those results and clarification of its financial position.

    Enquiries:
    European Business Jets
Brian Moritz - 07976 994300
    Grant Thornton UK LLP
020 7383 5100
    Gerry Beaney
Colin Aaronson



This information is provided by RNS
The company news service from the London Stock Exchange
 
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