Further re suspension (7365G)
May 17 2011 - 4:51AM
UK Regulatory
TIDMREAL
RNS Number : 7365G
Real Office Group PLC
17 May 2011
REAL OFFICE GROUP PLC
Appointment of Administrator to Pacific Interiors Limited
After exhaustively considering all possible alternatives and
taking appropriate advice, the Board of Real Office Group Plc (the
"Company") has appointed Malcolm Fillmore of Atherton Bailey LLP as
administrator to its principal trading subsidiary, Pacific
Interiors Limited ("Pacific"). Despite making cuts in personnel and
overheads, in a highly competitive market Pacific failed to win
sufficient new work at margins required to stem losses and sustain
its activities.
As a consequence of this decision the investment in Pacific
included in the audited accounts to 31 July 2010 at GBP10.123m has
been impaired. Accordingly this amount, net of the inter-company
debts due to Pacific of GBP 2.66m will be written off in the
accounts to 31 July 2011, giving rise to a net write off of
GBP7.47m.
The Board is in negotiations with the majority shareholder of
its only remaining investment, a minority stake in Pacific
Interiors India Limited, with the view to disposing of its interest
in that company. Following the disposal of this investment, Real
Office Group Plc will no longer have any trading activities. At
that time, a further announcement will be made and a circular sent
to shareholders setting out the Board's proposals for the
Company.
Enquiries
Real Office Group plc
Roger Smee
Chairman
Tel: 020 7822 1175
Nominated Adviser
Cairn Financial Advisers LLP
Tony Rawlinson
Tel: 020 7148 7900
This information is provided by RNS
The company news service from the London Stock Exchange
END
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