MBL Group PLC Administrators appointed to subsidiary (6275R)
16 June 2018 - 3:02AM
UK Regulatory
TIDMMUBL
RNS Number : 6275R
MBL Group PLC
15 June 2018
MBL Group plc / Epic: MUBL / Index: AIM
RNS ANNOUNCEMENT: The information communicated in this
announcement contains inside information for the purposes of
Article 7 of Regulation 596/2014.
For immediate release
15 June 2017
MBL Group PLC
("MBL" or the "Company" or the "Group")
Administrators appointed to Windsong International Limited
Proposed Cancellation of Admission of Ordinary Shares to trading
on AIM
MBL Group plc (AIM: MUBL) announces that Simon Robert Haskew and
Neil Frank Vinnicombe of Begbies Traynor (Central) LLP have been
appointed as administrators to the Company's remaining active
trading subsidiary, Windsong International Limited
("Windsong")(which makes up the Home Entertainment division) with
effect from today, 15 June 2018.
As previously announced, the Company has been looking to dispose
of the Home Entertainment division for some time as part of a plan
to realise value for shareholders and return capital to them in the
short to medium term. Whilst this strategy is still being
implemented, it has become clear to the Company's Board that this
process would take longer than first envisaged. In addition, a
worsening of trading in recent weeks has meant that the Company
would need to inject further capital into the Home Entertainment
division. Having taken insolvency and legal advice, the Company's
Board decided that it was in the best interests of all shareholders
to look to appoint administrators to Windsong in order to preserve
the Company's cash reserves and not erode them further by providing
further support to Windsong.
For the avoidance of doubt, MBL Group PLC will continue to be
admitted to trading on AIM as it has sufficient cash resources to
meet its current operating requirements.
With effect from the date of the appointment of administrators
to Windsong International Limited, MBL Group PLC has become a "Rule
15 Cash Shell" under Rule 15 of the AIM Rules for Companies.
Proposed cancellation of Admission of Ordinary Shares to trading
on AIM
The Company has previously announced its intention that, once it
had disposed of all the Group's trading businesses, it would seek
to return cash to shareholders and to provide for an orderly
winding up of the Company. The Board believes that this process
would be achieved in the most efficient and cost-effective manner
as a private company. Therefore, the Company has today given notice
to AIM under AIM Rule 41 that it intends to seek cancellation of
its admission to trading on AIM at the earliest opportunity.
Under the AIM Rules, a proposal to cancel the trading of the
Company's securities on AIM is conditional on the requisite notice
being given to the London Stock Exchange and on the consent being
granted in general meeting by Shareholders holding not less than 75
per cent. of the votes cast on the resolution proposed at such
general meeting. A circular and Notice of General Meeting will be
sent to shareholders shortly to propose this resolution; this would
also include the proposed date for cancellation, which will be at
least 20 business days after the announcement and posting of the
circular and notice convening the General Meeting. In the meantime,
the Company's shares will continue to be admitted to trading on
AIM.
The Company will issue further announcements as appropriate.
-Ends-
For further information visit www.mblgroup.co.uk
Contact:
Anton Lane
James Reynolds MBL Group plc 01772 440440
SPARK Advisory Partners
Limited (Nominated
Mark Brady Adviser) 0113 370 8970
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END
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June 15, 2018 13:02 ET (17:02 GMT)
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