Appointment of administrators

RNS Number : 6871N

Fairpoint Group PLC

10 August 2017

 

10 August 2017

For immediate release

Fairpoint Group PLC

("Fairpoint" or the "Group")

Appointment of administrators, Directorate Change and Resignation of Nominated Adviser and Broker

Further to the announcement on 4 August 2017, Fairpoint announces that Sandy Kinninmonth, Lindsey Cooper and Gareth Harris of RSM Restructuring Advisory LLP have been appointed as joint administrators to Fairpoint Group plc.

The relevant business address of RSM Restructuring Advisory LLP is 3 Hardman Street, Manchester M20 3LD. 

The Directors intend to continue to work with the administrators of Fairpoint Group Plc in order to try and preserve any remaining stakeholder value.

As a result of the appointment of administrators, David Broadbent, Chief Executive Officer, is to leave the Board with immediate effect.  Furthermore, with mutual agreement by the Board, Shore Capital and Corporate Limited has resigned as Nominated Adviser and Shore Capital Stockbrokers Limited as Broker to the Company with immediate effect. 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 suspension to trading in the Company's shares on AIM as announced on 28 June 2017 remains effective.

However, Simpson Millar and its subsidiary companies, (the "Legal Businesses"), will continue to trade as going concerns through the dedicated funding line provided by Doorway Capital. The appointment of administrators to Fairpoint Group Plc will have no impact on the day to day running of these businesses. The client services that Simpson Millar provides and the protections its clients' enjoy are not in any way affected by the appointment of administrators to Fairpoint Group plc.

Today's announcement will have no material impact on the planned disposal of the IVA and Claims divisions to a third party, as previously announced on 4 August 2017.

For enquiries please contact:

MHP Communications			[e-mail]
Reg Hoare			020 3128 8794
Katie Hunt

Fairpoint Group Plc                          [e-mail]

Denise Kern                                        0161 876 1310

 

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