MWB Mwb Group

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RNS Number : 0300Q

MWB Group Holdings PLC

31 October 2012

31st October 2012

MWB Group Holdings Plc

Notice of suspension of listing from the Official List and trading on the London Stock Exchange

MWB Group Holdings plc (LSE: MWB) (the "Company") today announces the suspension of its shares and 9.75% Unsecured Loan Stock due 2016 ("Loan Stock") from the Official List of the UK Listing Authority ("Official List") and to trading on the London Stock Exchange.

The Company has been in discussions with its 75% owned subsidiary, MWB Business Exchange plc ("BX"), regarding (i) whether net payments totalling approximately GBP8.0 million, previously made by BX to MWB, are now repayable, and (ii) contractual payments due from BX to MWB of approximately GBP4.8 million, which were to be paid to MWB in monthly instalments from September 2012 to February 2013. BX indicated earlier today that it is proposing to offset the remaining monthly contractual payments against the outstanding intercompany loan balance. As a result of the above potential offset and the fact that MWB is reliant upon the continuation of payments from BX in order to meet its liabilities as and when they fall due, the Board of MWB has entered into immediate discussions with its primary lender and the Board of BX.

The Company is due to publish its Report and Accounts for the year ended 30 June 2012 by no later than 31 October 2012, as required by the Disclosure and Transparency Rule (DTR) 4.1.3. However, due to the status and nature of the matters referred to above, and following detailed discussions with the Group's auditors, the Board has concluded that it will not be in a position to publish its accounts within the required timeframe. Accordingly, the Company has requested an immediate suspension of listing and trading of its shares and Loan Stock.

In the event that these matters cannot be resolved satisfactorily, the Board expects that the value of the Loan Stock will be significantly compromised and that there will be no value remaining for existing shareholders.

Further announcements will be made in due course.

Enquiries:

MWB Group Holdings plc

   Eric Sanderson, Chairman                                                 020 7706 2121 

Hudson Sandler

   Michael Sandler/ Charlie Jack/ Charlie Barker                     020 7796 4133 

This information is provided by RNS

The company news service from the London Stock Exchange

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