Shares in Vision Media Group (International) plc. were suspended today due to what was described as a “difficult working capital cash flow” situation.
RNS Number : 4783V Vision Media Group (Intl) PLC 10 July 2009
Press Release 10 July 2009
Suspension from Trading
The Board of Vision Media Group (International) plc (AIM:VMG), advises that it has today requested the suspension of the Company’s shares from trading pending the instigation of an Administration process.
The Company Directors have taken this decision in view of the Company’s worsening cash flow crisis, as referred to in the recent Annual Report & Accounts and accompanying announcement, and an inability to secure additional funding.
Mike Cottman, Executive Chairman of VMG, commented: “The Directors are extremely saddened by the need to take this decision. As has been evidenced in our recent announcements, the Company’s working capital cash flow position has been acutely difficult to manage in the current financial crisis and the Directors have been exploring every possible avenue to seek further funding. A recent reduction in viable opportunities to gain additional funding has dictated that there are no longer sufficient funds to ensure that the Company can continue to trade; even with the support of its creditor base”
VMG will make a further announcement to the market following clarification of the Company’s financial position.