Termination of talks and trading update

RNS Number : 9096Z

600 Group PLC

12 February 2014

 



600 Group PLC ("600 Group" or the "Company")

Termination of talks and trading update

On 31 December 2013, 600 Group announced that it was in discussions regarding the potential sale of selected assets to Qingdao D&D Investment Group Co. Ltd ("D&D").

Despite extensive discussions over recent weeks, D&D have failed to make progress on certain matters by agreed and continually extended deadlines.  The Directors are now of the opinion that D&D are unlikely to complete a transaction, and have informed D&D that all discussions regarding the potential sale of assets have been terminated.

Throughout this process, every care has been taken to avoid management from becoming distracted.  We arepleased to confirm that trading for the second half of the year is in line with the board's expectations.

The Directors believe that the businesses which comprise 600 Group will deliver significant value for shareholders over the medium term.  With any uncertainty relating to this possible sale set aside, the board is now in a position to develop and communicate future strategy in due course.

Contact:

600 Group PLC Paul Dupee (Chairman)  Nigel Rogers (Chief Executive)	0207 409 5044 0113 200 8482
SPARK Advisory Partners Limited - Financial Adviser Miriam Greenwood  Sean Wyndham-Quin	0203 368 3553 0113 370 8975
finnCap Ltd - Nominated Adviser and Broker Ed Frisby (Corporate Finance) Julian Blunt(Corporate Finance) Tony Quirke (Corporate Broking) Cadogan PR Limited   Alex Walters	020 7220 0500 0207 930 7006 07771 713 608

SPARK Advisory Partners Limited which is regulated in the United Kingdom by The Financial Conduct Authority is acting for the Company in relation to the matters described in this announcement and is not advising any other person, and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to customers of SPARK Advisory Partners Limited or for providing advice in relation to the matters described in this announcement.

finnCap Ltd which is regulated in the United Kingdom by The Financial Conduct Authority is acting for the Company in relation to the matters described in this announcement and is not advising any other person, and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to customers of finnCap Ltd or for providing advice in relation to the matters described in this announcement.

The directors of 600 Group accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure that such is the case), the information contained in this announcement for which they are responsible is in accordance with the facts and does not omit anything likely to affect the import of such information.

 

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