HMV Hmv Grp

TIDMHMV

RNS Number : 5345V

HMV Group PLC

15 January 2013

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN AND SOUTH AFRICA AND SHOULD NOT BE DISTRIBUTED IN, FORWARDED TO OR TRANSMITTED INTO ANY JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF LOCAL APPLICABLE SECURITIES LAWS OR REGULATIONS.

15 January 2013

HMV Group plc

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

Suspension of trading in the ordinary shares and proposed appointment of administrators

On 13 December 2012, the Company announced that as a result of current market trading conditions, the Company faced material uncertainties and that it was probable that the Group would not comply with its banking covenants at the end of January 2013. The Company also stated that it was in discussions with its banks.

Since that date, the Company has continued the discussions with its banks and other key stakeholders to remedy the imminent covenant breach. However, the Board regrets to announce that it has been unable to reach a position where it feels able to continue to trade outside of insolvency protection, and in the circumstances therefore intends to file notice to appoint administrators to the Company and certain of its subsidiaries with immediate effect. The Directors of the Company understand that it is the intention of the administrators, once appointed, to continue to trade whilst they seek a purchaser for the business.

It is proposed that Nick Edwards, Neville Kahn and Rob Harding, partners of Deloitte LLP, will be appointed as the administrators of the Company and certain of its subsidiaries.

The Company's ordinary shares will be suspended from trading on the London Stock Exchange with immediate effect.

 
For further information, 
 please contact: 
 
 
 
 
Deloitte LLP                 James Igoe: 020 7303 8247 
 
 
 
Brunswick                    Mike Smith 
                              Nick Cosgrove 
                              Helen Smith 
 
                              020 7404 5959 
 
 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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