HYWD Heywood Wms.

 

TIDMHYWD 
 
RNS Number : 1187B 
Heywood Williams Group PLC 
20 October 2009 
 

HEYWOOD WILLIAMS 
20 October 2009 
 
 
Heywood Williams Group PLC 
 
Appointment of joint administrators, cancellation of listing and sale of all the 
activities of Heywood Williams Group PLC to a newly incorporated company 
 
 
 
The Company announced earlier today that it had made an application to the Court 
for it to appoint administrators over the Company and its shares were 
subsequently suspended of listing from the Official List by the Financial 
Services Authority. 
 
The Court has appointed today as joint administrators of the Company, pursuant 
to paragraph 10 of Schedule B1 to the Insolvency Act 1986, Daniel Francis 
Butters, William Kenneth Dawson and Neville Barry Kahn, all of Deloitte LLP (the 
"Joint Administrators"). 
 
The Company, acting by the Joint Administrators, has entered into a sale and 
purchase agreement to sell all the Company's direct subsidiaries to a newly 
incorporated company, Arran Isle Limited.  On completion, Arran Isle Limited 
will be the new owner of all the operating subsidiaries of Heywood Williams 
Group PLC, which with immediate effect continue to trade and continue to 
maintain their existing relationships with customers, suppliers and employees. 
 None of those operating subsidiaries have been placed into administration or 
any other liquidation process. 
 
Upon completion of the sale, the UK banking syndicate (comprising Lloyds TSB 
Bank plc, Bank of Scotland plc and National Australia Bank Limited) and Mike 
McTighe will be interested in 80 per cent. of Arran Isle Limited, an employee 
benefit trust will be interested in 10 per cent. and the executive members of 
the Board and certain other members of the senior management team will also be 
interested in 10 per cent.  Completion is expected to be effected within 28 
days. 
 
A request has been made to the UK Listing Authority that the listing of the 
Company's ordinary shares on the Official List of the UK Listing Authority and 
the admission of its ordinary shares to trading on the main market for listed 
securities of the London Stock Exchange be cancelled.  These cancellations are 
expected to take effect at 8.00am on Wednesday 21 October 2009. 
 
 
 
 
+-------------+-------------------------------+-------------------------------+ 
| Contacts:   |                                                               | 
+-------------+---------------------------------------------------------------+ 
|             | Heywood Williams              | Tel: 01422 328860             | 
+-------------+-------------------------------+-------------------------------+ 
|             | Robert Barr / Mike Richards   |                               | 
+-------------+-------------------------------+-------------------------------+ 
|             | Rothschild                    | Tel: 020 7280 5000            | 
+-------------+-------------------------------+-------------------------------+ 
|             | Ed Welsh / Chris Alonso       |                               | 
+-------------+-------------------------------+-------------------------------+ 
|             | Deloitte                      | Tel: 020 7303 5037            | 
+-------------+-------------------------------+-------------------------------+ 
|             | Jamie Harley                  |                               | 
+-------------+-------------------------------+-------------------------------+ 
|             | Financial Dynamics            | Tel: 020 7831 3113            | 
+-------------+-------------------------------+-------------------------------+ 
|             | Jon Simmons / Sophie Moate    |                               | 
+-------------+-------------------------------+-------------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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