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Appointment of Administrator for Mporium Ltd

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RNS Number : 1155U
mporium Group PLC
20 November 2019
 

The information communicated in this announcement includes inside information for the purposes of Article 7 Regulation 596/2014.

 

Mporium Group plc

("Mporium", the "Company" or the "Group")

 

Appointment of Administrator

and

Resignation of NOMAD

 

Mporium today provides an update further to the announcement of 21 October 2019. In that announcement, the directors of the Company ("Board") described a fundamental uncertainty with regard to the Company's financial position and ability to continue as a going concern. Trading in the Company's shares on AIM was subsequently suspended at the request of the Company. The Board has since that time explored a number of alternatives for preserving the value of the Group as a going concern. Despite the Board's best efforts this has not proved possible.

 

The Board regrets to announce that Kirstie Provan and Gary Shankland of Begbies Traynor have today been appointed as administrators to the Company's wholly-owned trading subsidiary, Mporium Limited ("MPML").

 

The Board has concluded that the Company is no longer viable as a going concern and is taking advice as regards the steps to be taken to wind up the affairs of the Company.  The Board does not expect there to be any surplus available to shareholders of Mporium following the administration of MPML and that Mporium has no other assets with any material value left in them likely to produce such a surplus. Notices in this regard are expected be sent to shareholders and creditors of the Company in the near future.

 

finnCap Ltd, the Company's nominated adviser, has subsequently resigned as the Company's nominated adviser and joint broker with immediate effect.

 

Following the appointment of administrators, the business and assets of MPML was sold by the administrators to a new company where Charles Pendred and Tom Smith are directors. This transaction has preserved all of the jobs of the employees.

 

Pursuant to AIM Rule 1, if a replacement Nominated Adviser is not appointed within one month, the admission of the Company's securities will be cancelled on AIM. The Company has no current intention of appointing a replacement Nominated Adviser. The Company's shares remain suspended from trading on AIM.

 

 

 

 

 

 

Enquiries

 

Mporium:

020 3841 8411

Tom Smith, Chief Executive Officer

 

 

 

Novum Securities Limited (joint broker)

020 7399 9427

Colin Rowbury (Corporate Broking)

 

 

 

 

 


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Price: 0.5

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Market Cap: £5.22 m
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