HMV Group PLC Suspension of trading in the ordinary shares (5345V)
January 15 2013 - 1:00AM
UK Regulatory
TIDMHMV
RNS Number : 5345V
HMV Group PLC
15 January 2013
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT IS NOT FOR
RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN
WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA,
JAPAN AND SOUTH AFRICA AND SHOULD NOT BE DISTRIBUTED IN, FORWARDED
TO OR TRANSMITTED INTO ANY JURISDICTION WHERE TO DO SO MIGHT
CONSTITUTE A VIOLATION OF LOCAL APPLICABLE SECURITIES LAWS OR
REGULATIONS.
15 January 2013
HMV Group plc
("HMV" or the "Company" or, together with its subsidiaries, the
"Group")
Suspension of trading in the ordinary shares and proposed
appointment of administrators
On 13 December 2012, the Company announced that as a result of
current market trading conditions, the Company faced material
uncertainties and that it was probable that the Group would not
comply with its banking covenants at the end of January 2013. The
Company also stated that it was in discussions with its banks.
Since that date, the Company has continued the discussions with
its banks and other key stakeholders to remedy the imminent
covenant breach. However, the Board regrets to announce that it has
been unable to reach a position where it feels able to continue to
trade outside of insolvency protection, and in the circumstances
therefore intends to file notice to appoint administrators to the
Company and certain of its subsidiaries with immediate effect. The
Directors of the Company understand that it is the intention of the
administrators, once appointed, to continue to trade whilst they
seek a purchaser for the business.
It is proposed that Nick Edwards, Neville Kahn and Rob Harding,
partners of Deloitte LLP, will be appointed as the administrators
of the Company and certain of its subsidiaries.
The Company's ordinary shares will be suspended from trading on
the London Stock Exchange with immediate effect.
For further information,
please contact:
Deloitte LLP James Igoe: 020 7303 8247
Brunswick Mike Smith
Nick Cosgrove
Helen Smith
020 7404 5959
This information is provided by RNS
The company news service from the London Stock Exchange
END
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