Administrators Appointment and NOMAD Resignation

Pittards PLC

04 September 2023

 

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER ARTICLE 7 OF THE EU REGULATION 596/2014 AS IT FORMS PART OF THE UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

4 September 2023

Pittards plc

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

Appointment of Administrators and

Resignation of Nominated Adviser

Further to the announcement on 8 August 2023, which noted the intention to appoint administrators from  Ernst & Young LLP as Joint Administrators to the Company ('the Joint Administrators'), the Board confirms that these appointments were made today and that Lucy Winterborne and Daniel Hurd of Ernst & Young LLP will act as Joint Administrators

The Joint Administrators are at an advanced stage of negotiations to sell the Company's business and assets (including its Ethiopian subsidiaries). The transaction is expected to formally close no later than 6 September 2023. If the transaction cannot be concluded the Joint Administrators will assess available options to realise value for the company's creditors

The Joint Administrators will be contacting shareholders in due course with further information on the Administration of the Company and the sale of its business and assets.

Resignation of Nominated Adviser

WH Ireland has informed the Company of its intention to resign as Nominated Adviser and Broker to Pittards with immediate effect of release of this announcement. Pursuant to AIM Rule 1, if a replacement Nominated Adviser is not appointed within one month of today's date, the admission of the Company's shares to trading on AIM will be cancelled. The Company has no current intention of appointing a replacement Nominated Adviser. Trading in the Company's ordinary shares on AIM remains suspended.

For further information please contact:

Pittards plc	www.pittards.com
Stephen Yapp, Chairman Reg Hankey, CEO Alan Burgess, CFO	[phone]
WH Ireland Limited	www.whirelandcm.com
Mike Coe	[phone]

 

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