Made.com Group Plc Intention to Appoint Administrators and Suspension (8764E)
2022年11月1日 - 4:40PM
RNSを含む英国規制内ニュース (英語)
TIDMMADE
RNS Number : 8764E
Made.com Group Plc
01 November 2022
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR PART,
IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
1 November 2022
Made.com Group Plc
("MADE" or the "Company")
Update on Strategic Review, Intention to Appoint Administrators
and Suspension of Trading
On 23 September 2022, MADE announced a strategic review
including a formal sale process. Since that date, the Company and
its advisers have held discussions with a number of interested
parties and have explored possible offers for the issued and to be
issued share capital of the Company and debt financing
arrangements. On 25 October 2022, MADE subsequently announced that
the select number of interested parties invited to work towards
firm offers by the end of October had all confirmed that they were
unable to meet the necessary timetable and that as a result those
discussions had been terminated and it was no longer in receipt of
funding proposals or possible offers for its share capital.
As a consequence, the board of Made.com Design Ltd ("MDL"),
MADE's operating subsidiary, considered appropriate next steps. In
light of MDL's requirement for further funding and in order to
preserve value for its creditors, the board of MDL took the
decision on 26 October 2022 to temporarily suspend new customer
orders. MADE has now been notified that the board of MDL has
resolved to file notice of its intention to appoint administrators,
with a view to appointing Zelf Hussain, Peter David Dickens and
Rachael Maria Wilkinson of PricewaterhouseCoopers LLP as
administrators of MDL.
During the strategic review process, MADE received proposals
from interested parties to acquire certain of or substantially all
of MDL's trade, assets and brands. Any such sale of MDL's trade,
assets and brands would at this stage be effected by administrators
of MDL following their appointment. There can be no certainty that
any such sale will proceed or as to the terms or timing of any such
sale.
Following a request by the Board, the Company's ordinary shares
have been suspended from trading on the London Stock Exchange's
Main Market for listed securities this morning. The Board currently
expects that, in due course, the listing of the Company's ordinary
shares will be cancelled, any residual value will be distributed to
the Company's shareholders and the Company will be wound up.
Further announcements will be made in due course.
Enquiries:
MADE
Nicola Thompson, Chief Executive Officer
Patrick Lewis, Chief Financial Officer
Phil Clark, Investor Relations
investor.relations@made.com
Brunswick Group
Craig Breheny
Diana Vaughton
made@brunswickgroup.com
+44 207 404 5959
PricewaterhouseCoopers LLP
Zelf Hussain
Rachael Wilkinson
Iain Reilly
+44 (0) 20 7583 5000
J.P. Morgan Cazenove (Corporate Broker)
Bill Hutchings
James Summer
+44 207 742 4000
Liberum Capital Limited (Corporate Broker)
Clayton Bush
John Fishley
+44 203 100 2000
The person responsible for making this announcement on behalf of
Made.com Group Plc is Laura Tyler, General Counsel and Company
Secretary (Interim).
LEI: 213800HTMSVKO71K6O71
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END
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(END) Dow Jones Newswires
November 01, 2022 03:40 ET (07:40 GMT)
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