REG - Pittards PLC - Administrators Appointment and NOMAD Resignation

PittardsAnnouncement

04/09/2023 16:30

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RNS Number : 3239L  Pittards PLC  04 September 2023

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER ARTICLE 7 OF THE EU
REGULATION 596/2014 AS IT FORMS PART OF THE UK LAW BY VIRTUE OF THE EUROPEAN
UNION (WITHDRAWAL) ACT 2018 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT
VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN
THE PUBLIC DOMAIN.

 

 

4 September 2023

 

Pittards plc

 ("Pittards", the " Group " or the "Company")

 

 

Appointment of Administrators and

Resignation of Nominated Adviser

 

 

Further to the announcement on 8 August 2023, which noted the intention to
appoint administrators from  Ernst & Young LLP as Joint Administrators to
the Company ('the Joint Administrators'), the Board confirms that these
appointments were made today and that Lucy Winterborne and Daniel Hurd of
Ernst & Young LLP will act as Joint Administrators

 

The Joint Administrators are at an advanced stage of negotiations to sell the
Company's business and assets (including its Ethiopian subsidiaries). The
transaction is expected to formally close no later than 6 September 2023. If
the transaction cannot be concluded the Joint Administrators will assess
available options to realise value for the company's creditors

 

 

The Joint Administrators will be contacting shareholders in due course with
further information on the Administration of the Company and the sale of its
business and assets.

 

Resignation of Nominated Adviser

WH Ireland has informed the Company of its intention to resign as Nominated
Adviser and Broker to Pittards with immediate effect of release of this
announcement. Pursuant to AIM Rule 1, if a replacement Nominated Adviser is
not appointed within one month of today's date, 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. Trading in the
Company's ordinary shares on AIM remains suspended.

 

 

For further information please contact:

 

 Pittards plc            www.pittards.com
                         (https://url.avanan.click/v2/___https:/urldefense.proofpoint.com/v2/url?u=http-3A__www.pittards.com&d=DwMFAw&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=7Um2a7LLyUH5SxHgl6zdagatUzGQxXwYgU_CeVAgL9Q&m=dcxSX44rdBUfn6sOWMPfQnBnCJtou4u4IKqv6fz9X7A&s=rFM_1ZGKBHfxhkHpVSXLSt0x8mI_pHwBTYmsp
                         -PFAYY&e=___.YXAxZTp3aGlyZWxhbmRwbGMyOmE6bzo0Y2UwZTIwNGM5YWVlMmJlOTIzMmFjMmE5ZjllMWU2OTo1OjRmZjI6YmY3ZjYxYThjZWYwZGIzMjMyZTFiNDQxNDgxODU3YmU2N2M1YTA2NzRkMDlhN2YxY2U3YWI0M2FmOWJlMWVmNDpoOk4)
 Stephen Yapp, Chairman  +44 (0) 1935 474 321

 Reg Hankey, CEO

 Alan Burgess, CFO
 WH Ireland Limited      www.whirelandcm.com
                         (https://url.avanan.click/v2/___https:/urldefense.proofpoint.com/v2/url?u=http-3A__www.whirelandcb.com&d=DwMFAw&c=euGZstcaTDllvimEN8b7jXrwqOf
                         -v5A_CdpgnVfiiMM&r=7Um2a7LLyUH5SxHgl6zdagatUzGQxXwYgU_CeVAgL9Q&m=dcxSX44rdBUfn6sOWMPfQnBnCJtou4u4IKqv6fz9X7A&s=uwWmqYjtNZPcS8QukoDxtHweFZxHlswL4tFk_in3gJE&e=___.YXAxZTp3aGlyZWxhbmRwbGMyOmE6bzo0Y2UwZTIwNGM5YWVlMmJlOTIzMmFjMmE5ZjllMWU2OTo1OmU3YmQ6YjdjOTRlOTZiODg5ZGUyMmUwYjUxMTdkZWQzNjRiMDViODM2MzEzMjBmZGQ3ODMyMmIyZThlYzg4ZDE1NDIzODpoOk4)
 Mike Coe                +44 (0)20 7 220 1666

 

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