27 September 2024
Harland & Wolff Group Holdings
plc
("Harland & Wolff"
or the "Company")
Administrators appointed to Harland &
Wolff Group Holdings Plc
On 16 September 2024, the Company announced that the
Board had concluded the Company is insolvent on a balance sheet
basis and accordingly, contingency planning was underway to place
the Company into administration. As of today, 27 September 2024,
the Company has appointed Gavin Park and Matt Cowlishaw of Teneo
Financial Advisory Limited as Joint Administrators (together "the
Administrators") to the Company.
The Company is an AIM-quoted parent company for a
group which specialises in shipbuilding, ship repair and marine
engineering. It is a non-trading holding company and is the only
entity to which administrators have been appointed.
The Company's subsidiaries in Northern Ireland
(Belfast), Scotland (Arnish and Methil) and England (Appledore) are
not subject to insolvency processes and are continuing to trade
under the control of their directors.
At the date of appointment, the Company had 66
employees. The Administrators will unfortunately be required to
reduce the headcount upon appointment. A number of employees will
be retained to provide certain required services to the operational
companies under a transitional services agreement with the
Administrators.
Rothschild & Co was engaged on 25 July 2024 to
assess strategic options for the Company and its subsidiaries. This
process remains ongoing and further updates will be made as
appropriate. Following today's appointment of Administrators, the
Company reconfirms its position that the strategic review will not
result in any returns to shareholders of Harland & Wolff Group
Holdings plc.
Resignation of
Nominated Adviser and Joint Brokers
As a result of the Company's appointment of
Administrators, Cavendish Capital Markets Limited has informed the
Company of its resignation as Nominated Adviser and Joint Broker to
the Company with immediate effect. Pursuant to AIM Rule 1, if
a replacement Nominated Adviser is not appointed within one month
from the resignation of the current Nominated Adviser, the
admission of the Company's shares to trading on AIM will be
cancelled. The Company has no current intention of appointing a
replacement Nominated Adviser.
Furthermore, the Company announces the resignation of
Panmure Liberum as Joint Broker with immediate effect.
For further
information, please visit www.harland-wolff.com or
contact:
ENDS