Appointment of administrators
30th October 2012
Manganese Bronze Holdings PLC (the "Company"), the manufacturer of the world famous London taxi, announces that Matthew Hammond, Tony Barrell, Ian Green and Mike Jervis, all of PwC, were today appointed joint administrators (the "Administrators") of Manganese Bronze Holdings PLC, LTI Limited, Manganese Bronze Services Limited and Manganese Bronze Property Services Limited (together the "Group”).
The Administrators' immediate priority is to secure funding to resolve the steering box recall announced on 12 October 2012. The Administrators are reviewing the Group’s current financial position to develop a range of options to rescue the business or alternatively dispose of its assets to an investor that can secure the future of the London taxi. The Administrators have immediately commenced discussions with a number of interested parties from the UK and overseas and ask any further interested parties to contact them as a matter of urgency.
As a result of the appointment of the Administrators to the Group, Grant Thornton UK LLP and MC Peat & Co have today resigned from their respective roles as Nominated Adviser and Broker to the Company with immediate effect. Pursuant to AIM Rule 1, if a replacement Nominated Adviser is not appointed within one month, the London Stock Exchange may cancel the admission of the Company's securities from trading on AIM. Accordingly the potential cancellation time and date is 7.00 a.m. on 3 December 2012.
| ||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|
|Elizabeth Faulkner, Media Relations
||Tel: +44 (0)20 7213 1018|
|Derek Nash, Media Relations
||Tel: +44 (0)20 7804 3058|
|FTI Consulting|| |
|Nick Hasell||Tel: +44 (0)20 7269 7291|
|Grant Thornton UK LLP Nominated Adviser|| |
|Philip Secrett / Melanie Frean
||Tel: +44 (0)20 7383 5100|
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