MNGS Mang.Bronze

TIDMMNGS

RNS Number : 8671P

Manganese Bronze Hldgs PLC

30 October 2012

Manganese Bronze Holdings PLC

Appointment of administrators

30 October 2012

Manganese Bronze Holdings PLC (the "Company"), the manufacturer of the world famous London taxi, announces that Matthew Hammond, Tony Barrell, Ian Green and Mike Jervis, all of PwC, were today appointed joint administrators (the "Administrators") of Manganese Bronze Holdings PLC, LTI Limited, Manganese Bronze Services Limited and Manganese Bronze Property Services Limited (together the "Group").

The Administrators' immediate priority is to secure funding to resolve the steering box recall announced on 12 October 2012. The Administrators are reviewing the Group's current financial position to develop a range of options to rescue the business or alternatively dispose of its assets to an investor that can secure the future of the London taxi. The Administrators have immediately commenced discussions with a number of interested parties from the UK and overseas and ask any further interested parties to contact them as a matter of urgency.

As a result of the appointment of the Administrators to the Group, Grant Thornton UK LLP and MC Peat & Co have today resigned from their respective roles as Nominated Adviser and Broker to the Company with immediate effect. Pursuant to AIM Rule 1, if a replacement Nominated Adviser is not appointed within one month, the London Stock Exchange may cancel the admission of the Company's securities from trading on AIM. Accordingly the potential cancellation time and date is 7.00 a.m. on 3 December 2012.

 
For further information, please contact: 
Manganese Bronze Holdings 
 PLC 
John Russell, Group          Tel: +44 (0) 24 7657 2108 
 Chief Executive 
Peter Johansen, Group        Tel: +44 (0) 24 7657 2214 
 Finance Director 
 
PwC 
Elizabeth Faulkner,          Tel: +44 (0) 20 7213 1018 
 Media Relations 
Derek Nash, Media Relations  Tel: +44 (0) 20 7804 3058 
 
FTI Consulting 
Nick Hasell                  Tel: +44 (0) 20 7269 7291 
 
Grant Thornton UK LLP 
Nominated Adviser 
Philip Secrett/Melanie       Tel: +44 (0) 20 7383 5100 
 Frean 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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