RDP Radicle Proj.

TIDMRDP

RNS Number : 5829Y

Radicle Projects Plc

24 December 2010

24 December 2010

Radicle Projects plc

("Radicle Projects" or the "Company")

Update statement regarding suspension

The Company announced on 31 August 2010 that Radicle Projects PTY Ltd ("Radicle PTY"), the Company's principal trading subsidiary, had been placed into Voluntary Administration. Consequently, trading in the Company's ordinary shares was immediately suspended pending clarification of the Company's financial position.

Stephen J Parbery, Brett S Lord and Craig D Crosbie of PPB, were appointed as Joint & Several Administrator of Radicle PTY. Following a recent final meeting with the creditors of Radicle PTY the Administrator has been authorised to undertake a sale of the realisable assets of Radicle PTY for the benefit of creditors. The realisable value of these assets is not yet clear and the disposal process is expected to take several months.

The Board is continuing to consider the options now available to it, including the possibility that the Radicle Projects be placed into administration. However the Board is in discussions with two unquoted Australian companies regarding a possible reverse take-over of the Company. These discussions are at an early stage and the eventual outcome is as yet uncertain. The Board intends to make a further announcement shortly.

The Company is due to publish its report and accounts for the year to 30 June 2010 on or before 31 December 2010. In current the circumstances it will not be possible to complete the 2010 audit nor publish the accounts before 31 December.

Enquiries:

 
 Radicle Projects PLC 
                                +61 (0) 3 8611 
 John McLennan                       6711 
 
 Charles Stanley Securities 
 Nominated Adviser 
 Russell Cook / Luke Webster     020 7149 6000 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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