Cradle Arc PLC - Provisional Judicial Management Order of Leboam
Provisional Judicial Management Order of
In terms of the Order, Mr
· Secure and preserve the assets of Leboam.
· Prevent the mismanagement of Leboam.
· Ensure Leboam is able to meet its obligations.
· Do all things necessary to preserve the interests of the members and creditors of Leboam.
The Provisional Judicial Manager is required to file a report regarding the financial position of Leboam to a meeting of creditors of the company, to be convened before the Master of the
Pursuant to the terms of the Order, Leboam has until
The Company has commenced discussions with various existing and potential funders in order to find a solution to the financing required for Leboam and the future operations of the project. There can be no guarantee that the Company will be able to secure the necessary financing in order to support a credible business plan to the
In addition, as well as needing to raise funds for Leboam as set out above, the Company needs to raise funds to finance its corporate overheads and general administration costs, as well as to maintain and/or develop its other assets. Whilst the Board is confident it will be able to raise the required funds, should such funds not be forthcoming in the near term, the Board believes that it is highly likely that the Company would become insolvent, and insolvency proceedings, such as administration or liquidation, will be commenced in respect of the Company.
As set out in note 4 to the Company's annual report and accounts for the year ended
Further announcements regarding the Company's progress on these matters will be made as and when appropriate.
"The Company will co-operate with the Provisional Judicial Manager in order to seek the best financing and operational plan for Leboam, to resolve the group's current financial difficulties.
"Following from the impasse between Fujax and the Secured Lenders to the project, where the working capital facility agreed was not completed and which has directly led to this situation, we have commenced discussions with various existing and potential funders in order to attempt to secure a suitable financing solution for the project going forward.
"The Company has made significant investment in this project, and as such we will continue to preserve the value where possible by following these processes to their conclusion."
For further information on the Company, please visit www.cradlearc.com or contact:
Tel: +44 (0)20 7637 5216
Tel: +44 (0)20 7409 3494
Tel: +44 (0)20 3470 0470
Tel: +44 (0)20 7920 3150
M: +44 (0)79 7729 7903
M: +44 (0)77 8597 4264
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
This information is provided by RNS, the news service of the
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