ARA Aura Renewable Acquisitions Plc

    RNS Number : 8254X
  Ardana PLC
  30 June 2008
   

    SUSPENSION OF SHARES FOR TRADING ON THE OFFICIAL LIST, ENTRY INTO VOLUNTARY ADMINISTRATION 

    Ardana plc (LSE: ARA) ('Ardana' or the 'Company') 

    Edinburgh, 30 June 2008: Ardana PLC announces that, at its own request, trading in the Company's ordinary shares was suspended with
effect from 16.25 on Friday 27 June 2008, following which the Board has agreed to appoint Mr David Duggins and Mr Tom Burton of Ernst &
Young LLP to act as Administrators of the Company from today.

    The Board of Ardana has taken these steps after it became apparent that a possible refinancing or a possible sale or merger under
discussion could not be completed within a timeframe during which the Board believed the Company would have sufficient cash reserves to
continue trading. All discussions were terminated by the afternoon of Friday 27 June.

    The Company has over recent months been in a number of licensing discussions for individual development products, however the Board have
also concluded that these potential transactions could not be completed within the time available before exhaustion of the Company's cash
resources. 

    As a result, the Board of Ardana has taken advice and with great regret no longer believes that the Company is in a position to continue
its operations.  It is expected that the appointment of administrators will formally occur later today, following which the Administrator
will take such measures as they believe appropriate including continuing to seek a buyer for the Company and its assets. 

    For further information please call: 

    Mr David Duggins, Ernst & Young LLP
    One Colmore Square, Birmingham, B4 6HQ, United Kingdom 
    Telephone: +44 (0)121 535 2656 

    Press Enquiries:

    Michelle Wolf, Ernst & Young LLP
    Telephone: +44 (0)207 980 0043

This information is provided by RNS
The company news service from the London Stock Exchange
 
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