ERG Erinaceous

RNS Number:2676S
Erinaceous Group PLC
14 April 2008







Erinaceous Group Plc
("Erinaceous" or the "Company")


Appointment of Administrator to the Company

The Board of Erinaceous announces that it has today appointed administrators to
the Company with immediate effect.

Following the announcement on 14 January 2008, the Board has vigorously explored
all of the available strategic options including the possibility of refinancing
the Group's borrowings, options for sale and an equity raising.  The Board has
continued working with the Company's lenders with the objective of maximising
the Group's value and keeping it as a going concern. Until very recently, the
Board was hopeful that it would be successful in this aim.

However, given the extent of the challenges facing the Group and the current
state of the capital markets it has not been possible for the Group to reach an
agreement with its lenders and other creditors and therefore the Board has now
concluded, with regret, that it is necessary for the Company to file for
administration.

Consequently, the Board has today appointed James Tucker and Myles Halley, both
partners of KPMG as administrators of the Company.

The administrators of the Company expect to effect a sale of the Insurance
division of the Group, Erinaceous Insurance Services Limited, to a company owned
by the Company's lenders.

The Residential Management division (Residential Management Group Limited and
its subsidiaries) and Property Maintenance division (Erinaceous Property
Maintenance Limited) also remain outside of any insolvency process and continue
to trade as normal.





                                                                   14 April 2008



For further information please contact

College Hill                                   +44 (0)20 7457 2020

Mark Garraway

Anthony Parker




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

MSCGUUGACUPRGGC

Erinaceous (LSE:ERG)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024

Erinaceous (LSE:ERG)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024