MWB Business Exchange Plc Response to statement by MWB Group Holdings Plc (3477R)

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RNS Number : 3477R

MWB Business Exchange Plc

16 November 2012

MWB Business Exchange Plc ("Business Exchange" or "the Company")

Response to statement by MWB Group Holdings Plc ("MWB Group")

The Board of Business Exchange refers to the announcement made earlier today by MWB Group, Business Exchange's 75.2% shareholder, announcing that it has resolved to appoint administrators with immediate effect and that it has filed notice of intention to appoint two insolvency practitioners at Deloitte LLP as joint administrators to MWB Group. The Board of Business Exchange notes that the appointment of administrators only relates to MWB Group.

The purpose of this announcement by the Company is to clarify the implications of today's developments at MWB Group for Business Exchange. Business Exchange operates independently from MWB Group. The Board of Business Exchange considers that the announcement made by MWB Group referred to above will have no adverse impact on the customers or suppliers of Business Exchange, nor any effect on any of the contractual arrangements of Business Exchange.

The Board of Business Exchange will closely monitor the implications of today's development in respect of MWB Group's indirect 75.2% shareholding in the Company.

Business Exchange is finalising its annual results for the year ended 30 June 2012. In light of today's announcement by MWB Group, full provision will be made against the outstanding intercompany balance of approximately GBP8.3m due by MWB Group and its subsidiaries to Business Exchange.

The Board of Business Exchange intends to issue its annual results for the year ended 30 June 2012 on 20 November 2012 or shortly thereafter. The Directors confirm that Business Exchange generates its own cash flow, has no outstanding bank borrowings and does not rely on funding provided by MWB Group. Accordingly, Business Exchange has sufficient working capital for its present requirements, that is for at least the next twelve months, and had total assets in excess of GBP78.0m at its most recent financial year end of 30 June 2012.

Commenting on today's developments, John Spencer, Chief Executive of Business Exchange, said "We are saddened by the news announced today by MWB Group. I would like to reassure allcustomers, suppliers and employees of Business Exchange that the appointment of an Administratorto MWB Group is not expected to have any future impact on the financial position of Business Exchange or on its operational performance, or on its management and staff. We remain a completely independent and separate business from MWB Group. It remains very much business as usual at Business Exchange."

Enquiries:

 
MWB Business Exchange Plc                                         Tel: 020 7868 7268 
John Spencer, Chief Executive 
 
 
  N+1 Singer (Nominated Adviser & Broker):                          Tel: 0131 529 0272 
Sandy Fraser 
 
  Baron Phillips Associates                                        Tel: 020 7920 3161

Baron Phillips

This information is provided by RNS

The company news service from the London Stock Exchange

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