REG - Harland & Wolff - Appointment of Administrators

Harland & Wolff groupAnnouncement

27/09/2024 15:15

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RNS Number : 0801G  Harland & Wolff Group Holdings PLC  27 September 2024

27 September 2024

 

Harland & Wolff Group Holdings plc

("Harland & Wolff" or the "Company")

 

 

Administrators appointed to Harland & Wolff Group Holdings Plc

 

 

On 16 September 2024, the Company announced that the Board had concluded the
Company is insolvent on a balance sheet basis and accordingly, contingency
planning was underway to place the Company into administration. As of today,
27 September 2024, the Company has appointed Gavin Park and Matt Cowlishaw of
Teneo Financial Advisory Limited as Joint Administrators (together "the
Administrators") to the Company.

 

The Company is an AIM-quoted parent company for a group which specialises in
shipbuilding, ship repair and marine engineering. It is a non-trading holding
company and is the only entity to which administrators have been appointed.

 

The Company's subsidiaries in Northern Ireland (Belfast), Scotland (Arnish and
Methil) and England (Appledore) are not subject to insolvency processes and
are continuing to trade under the control of their directors.

 

At the date of appointment, the Company had 66 employees. The Administrators
will unfortunately be required to reduce the headcount upon appointment. A
number of employees will be retained to provide certain required services to
the operational companies under a transitional services agreement with the
Administrators.

 

Rothschild & Co was engaged on 25 July 2024 to assess strategic options
for the Company and its subsidiaries. This process remains ongoing and further
updates will be made as appropriate. Following today's appointment of
Administrators, the Company reconfirms its position that the strategic review
will not result in any returns to shareholders of Harland & Wolff Group
Holdings plc.

 

Resignation of Nominated Adviser and Joint Brokers

 

As a result of the Company's appointment of Administrators, Cavendish Capital
Markets Limited has informed the Company of its resignation as Nominated
Adviser and Joint Broker to the Company with immediate effect.  Pursuant to
AIM Rule 1, if a replacement Nominated Adviser is not appointed within one
month from the resignation of the current Nominated Adviser, the admission of
the Company's shares to trading on AIM will be cancelled. The Company has no
current intention of appointing a replacement Nominated Adviser.

 

Furthermore, the Company announces the resignation of Panmure Liberum as Joint
Broker with immediate effect.

 

 

For further information, please visit  www.harland-wolff.com
(http://www.harland-wolff.com/)   or contact:

 

 Harland & Wolff Group Holdings plc      +44 (0)20 3900 2122

                                         investor@harland-wolff.com (mailto:investor@harland-wolff.com)

                                         media@harland-wolff.com (mailto:media@harland-wolff.com)

 

 

ENDS

 

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