11th October 2012
Manganese Bronze Holdings PLC (the "Group") announced today a recall of approximately 400 of its TX4 London taxis and suspension of sales of new TX4 models as a result of the discovery of a defect in the steering box. The steering box is a new design from a new supplier that was introduced in production at the Group's Coventry factory in late February 2012.
Discussions are being held with Geely to put in place a robust technical solution for the steering box faults.
The suspension of sales will have a very material and detrimental impact on the Group's cash flows and the board are working to establish the options available to the business given the impact on working capital. Until such time that a technical solution is developed to rectify the fault, the financial position of the Group remains unclear and trading in the Company's shares will remain suspended.
| ||For further information, please contact:|
|Manganese Bronze Holdings plc|| |
|John Russell, Group Chief Executive
||Tel: +44 (0)24 7657 2108|
|Peter Johansen, Group Finance Director
||Tel: +44 (0)24 7657 2214|
|FTI Consulting|| |
|Nick Hasell||Tel: +44 (0)20 7269 7291|
|Grant Thornton UK LLP|| |
|Philip Secrett / Melanie Frean
||Tel: +44 (0)20 7383 5100|
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