Creditor Update

RNS Number : 7737D

AssetCo PLC

29 March 2011

 



29 March 2011

AssetCo plc ("AssetCo" or "the Company")

Creditor update

The Company announced on 3 March 2011 that a winding-up petition had been presented by a substantial creditor in relation to an outstanding payment obligation. Following completion of the placing of new shares in the Company, raising £16 million and announced on 22 March 2011, this substantial creditor has been fully paid and has withdrawn from the petition. At the same hearing, we are pleased to report that all the associated petitions against the operating subsidiaries have been dismissed and AssetCo are raising validation orders to pass the necessary cash into the operating businesses to enable them trade normally. However another creditor has been substituted at the recent hearing. The Board confirms that the Company is able and in a position to make this payment but the new management team are determined to ensure full process and investigation is made of any calls for payment, so the hearing has been adjourned for fuller determination.

Enquiries:

AssetCo plc                  [phone]

Tudor Davies

Arden Partners plc         [phone]

Richard Day / Adrian Trimmings

 

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