Statement re Assessment of Reconstruction (8220Z)
20 Janeiro 2011 - 10:12AM
UK Regulatory
TIDMDAV
RNS Number : 8220Z
Davenham Group PLC
20 January 2011
20 January 2011
Davenham Group plc
("Davenham" or the "Company" and, together with its
subsidiaries, the "Group")
The Board announces that it is currently assessing with the
Company's largest shareholder, Kingswood Property Finance, whether
a reconstruction of the Group may be achievable, so as to permit
one or more of Davenham's divisions to recommence writing new
business both in the short term and thereafter. The Board wishes to
emphasise that this assessment (which also encompasses a dialogue
with certain members of the Group's Banking Syndicate) is at a very
initial stage and may not necessarily lead to any firm proposals
being put forward. This initial stage assessment also includes a
review as to whether it may be possible to offer existing
shareholders in the Company the opportunity to invest further funds
in support of any such reconstruction.
The Board continues to consider that it is likely that there
will be no value for shareholders' current shareholdings in
Davenham (irrespective of whether a proposal for the reconstruction
of Davenham is made by Kingswood Property Finance).
Further announcements will be made as appropriate.
- Ends -
For further information, please contact:
Davenham Group 0161 832 8484
Paul Burke, Group Managing Director
Hawkpoint Partners Limited (Nominated Adviser) 020 7665 4642
Lawrence Guthrie / Shaun Holmes
MHP Communications
Katie Hunt/Reg Hoare/Giles Robinson 020 3128 8100
This information is provided by RNS
The company news service from the London Stock Exchange
END
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