Proposed appointment of subsidiary administrators
27 Fevereiro 2009 - 4:01AM
UK Regulatory
TIDMEBTM
RNS Number : 9841N
EBTM PLC
27 February 2009
EBTM Plc
("EBTM" or the "Company")
Proposed appointment of subsidiary administrators
The Company announced on 6th January 2009, that the board was evaluating
strategic options to rebuild the financial resources of the group. The Company
has engaged in discussions with a number of interested parties to provide
funding for the group or undertake a trade sale. To date, no proposals have been
received that in the opinion of the directors have been deemed acceptable in
preserving value for shareholders of the Company.
During this time, the Company has continued to experience difficult trading
conditions and in particular lower revenues than had been anticipated.
In this difficult trading environment, the board has sought additional funding
but this has not been forthcoming. As a consequence, the lack of funding
available to the Company has resulted in the operating subsidiaries of the
Company being unable to continue trading. Application is being made to the High
Court for the appointment of administrators for the Company's principle
operating subsidiaries, Mockingbird Distribution Limited and Everything But The
Music Limited.
No application has been made to place EBTM plc into administration. The board
continues to evaluate all strategic options available to the Company and will
make a further announcement in due course. The Company remains in an offer
period.
For further information:
EBTM plc 020 7819 1950
Richard Breeden, Chief Executive
Blue Oar Securities 020 7448 4400
Andrew Raca / Jerry Keen
This information is provided by RNS
The company news service from the London Stock Exchange
END
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