REG - IOG PLC - Intent to Appoint Administrators &Share Suspension

IogAnnouncement

28/09/2023 14:15

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RNS Number : 0405O  IOG PLC  28 September 2023

28 September 2023

 

IOG plc

 

Notice of Intention to Appoint Administrators and

Suspension of Trading in the Company's Shares

 

IOG plc ("IOG", or "the Company"), (AIM: IOG.L) announces that, after
extensive consideration of the Company's current financial situation following
underperformance of the developed assets and the resulting creditor position,
the Board has now regrettably concluded that IOG plc should be placed into
administration ("the Administration") in order to preserve the value of the
business for creditors. Accordingly, a notice has been filed with the Court
today notifying the Company's intention to appoint administrators of IOG plc
as soon as reasonably practicable.

 

In the context of the existing bond waiver which expires on 29 September 2023,
discussions have been held with a representative group of senior secured
bondholders and their advisors regarding a potential additional capital
injection and associated restructuring of the Company. Discussions are
intended to continue during the Administration with a view to a potential
restructuring solution that protects the operating subsidiaries, which are not
being placed into administration.

 

In light of the above, the Company has requested a suspension of trading in
its ordinary shares on AIM with effect from 2.10 pm on 28 September 2023. The
Interim Results for the six months ending 30 June 2023 will not be released.

 

Esa Ikaheimonen, Chair of IOG, commented:

 

"The Board are extremely disappointed to draw this unavoidable conclusion,
having worked exhaustively to overcome the Company's financial circumstances.
We have not found a viable solution that would provide a return to
shareholders. We regret the impact this outcome will have on our many
stakeholders. I want to thank everyone involved, especially the IOG team, for
their efforts through this very challenging period."

 

Enquiries:

 

 Vigo Consulting                     iog@vigoconsulting.com (mailto:iog@vigoconsulting.com)

 Patrick d'Ancona / Finlay Thomson

 Cavendish Capital Markets Limited   +44 (0)20 7220 0500

 Simon Hicks

 Peel Hunt LLP                       +44 (0)20 7418 8900

 Richard Crichton / David McKeown

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the company's obligations under Article 17 of
MAR.

 

 

 

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