Application for Liquidation
29 Junho 2009 - 12:00PM
UK Regulatory
TIDMQLC
RNS Number : 7027U
Qualceram Shires PLC
29 June 2009
Qualceram Shires plc (In Examinership under the Irish Companies (Amendment) Act
1990, as amended)
("Qualceram", the "Company" and, together with its subsidiaries, the "Group")
Investment in certain Qualceram Operating Entities
Application for Liquidation of Qualceram
29 June 2009
Qualceram announced on 1 April 2009 that an Examiner had been appointed to
Qualceram and its Irish registered subsidiaries and that an Administrator had
been appointed to Qualceram's UK registered subsidiaries.
Following consideration by the appointed Examiner to the Company, David Hughes
of Ernst & Young, of various funding proposals put before the Company, Qualceram
announces that today four of its subsidiaries have signed a binding agreement
with an investor who will invest in four of the Group's Irish operating
entities. It is the investors intention to continue to distribute Group brands
in the primary markets of Ireland and the United Kingdom.
The Examiner will today apply to the Irish High Court for an extension to the
examinership process in respect of these four operating companies to seek the
approval of the High court for Schemes of Arrangement. It is expected that
meetings with the Group's creditors will be convened in due course.
The Examiner was unable to secure any funding for the plc itself and,
accordingly, will today
apply to the High Court to seek the liquidation of
Qualceram. The Examiner has informed the Company that it is highly unlikely that
this process will result in any distribution to the shareholders of Qualceram. A
further announcement will be made in due course.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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