Appointment of Administrators
09 December 2009 - 7:53PM
UK Regulatory
TIDMPNB
RNS Number : 8257D
Pubs 'n' Bars PLC
09 December 2009
Pubs 'n' Bars plc
(AIM: PNB)
("Pubs 'n' Bars" or "the Group")
Appointment of Administrators
On 4 December 2009, the Group announced that it had requested a suspension of
trading of its shares with immediate effect pending clarification of the Group's
financial position.
The Board has continued to explore options to address the Group's funding
requirement, including continued discussions with its Bank and existing
shareholders. Despite making a proposal to the Bank, it has not been prepared to
provide additional funding to the Group to enable it to continue to trade.
It is therefore with deep regret that the Board announces that the Group has
been advised that it has been placed into Administration with David Thurgood,
Trevor O'Sullivan and Nick Wood of Grant Thornton UK LLP being appointed as
Administrators of the Group with immediate effect.
The Group also announces that it has today been notified of the resignation of
the Group's Nominated Adviser and Broker with immediate effect. If, within one
month of the Group ceasing to have a Nominated Adviser the Group has failed to
appoint a replacement, the trading of its securities on AIM will be cancelled at
7.00am on 9 January 2010.
=-END--
Enquiries:
Mel Belligero, Chief Executive
Pubs 'n' Bars plc ` Tel: 020 8228 4800
Paul Shackleton/Stewart Dickson
Daniel Stewart & Company plc Tel: 020 7776 6550
This information is provided by RNS
The company news service from the London Stock Exchange
END
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