The TEG Group PLC to enter Administration
19/12/2014 16:20
RNS Number : 3698A
TEG Group (The) PLC
19 December 2014
19 December 2014
The TEG Group PLC
(the "Company" or the "Group")
The TEG Group PLC to enter Administration
Further to the announcement made on 25 October 2014, the Board announces that it has been unable to secure further funding for the Group. As a result, and following discussions with the Group's senior lenders, the Board has decided that it must now place The TEG Group PLC into administration.
Following that decision a notice of appointment of administrators in respect of The TEG Group PLC for the appointment of Daniel Smith and William Dawson of Deloitte LLP as joint administrators of The TEG Group PLC ("the Administrators") was filed at Court.
Following the appointment of the Administrators, Nplus1 Singer Advisory LLP has today resigned as Nominated Adviser and Broker to the Company with immediate effect. If the Company fails to appoint a replacement nominated adviser within one month from today, the admission of its AIM securities will be cancelled. It is unlikely that the Administrators will seek to appoint a new Nominated Advisor in respect of the Company.
The Administrators have immediately following their appointment successfully concluded the disposal of Simpro Limited to Veolia ES (UK) Limited.
The Administrators have also been appointed administrators of the Company's subsidiaries TEG Environmental Limited ("Environmental") and TEG Energy Limited ("Energy"). Environmental's and Energy's core sites are continuing to operate under the control of the Administrators whilst they explore the potential for going concern sales of these operations.
- ENDS -
| The TEG Group Plc | Tel: 01772 644980 | |
| Michael Fishwick, Chief Executive | www.theteggroup.plc.uk | |
| Peckwater PR | Tel: 07879 458 364 | |
| Tarquin Edwards | tarquin.edwards@peckwaterpr.co.uk | |
| Deloitte Will Black | Tel: 0207 007 8242 wiblack@deloitte.co.uk | |
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