Statement re Company Position
01 December 2008 - 6:00PM
UK Regulatory
RNS Number : 1817J
Wallgate Group PLC
01 December 2008
Wallgate Group plc
("Wallgate" or the "Company")
Ceasing to trade, resignation of advisers and directorate change
Wallgate (AIM ticker: WGT.L) today announces that, following advice received from an insolvency practitioner, the Company today ceased
to trade and is exploring methods of winding up its businesses.
Accordingly, Strand Partners Limited ("Strand Partners") has today resigned as the nominated adviser to the Company with effect from 5
December 2008 and St Helen's Capital plc has today resigned as the Company's broker with immediate effect.
Finally, Adam Reynolds and David Wilson have resigned as non-executive directors of the Company with effect from 28 November 2008.
Howard Strowman, CEO and Chairman of Wallgate, commented, "We are very disappointed not to have successfully refinanced Wallgate as the
directors believe that the reverse logistics business model had the potential to be the basis of a sound and profitable company, largely
insulated from the effects of the economic downturn currently impacting on the retail sector".
The Company's shares are currently suspended and will remain suspended in light of the above information. It is currently the directors'
intention not to replace Strand Partners as its nominated adviser. If this remains the case, Wallgate's AIM listing will lapse 30 days
following Strand Partners' resignation.
For further information on the Company please contact:
Wallgate Group plc Howard Strowman, Chief +44(0) 20 7559 1313
Executive
Simon Fine, Finance Director +44(0) 12 0470 6624
Strand Partners Limited James Spinney +44(0) 20 7409 3494
This information is provided by RNS
The company news service from the London Stock Exchange
END
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