Twelve minutes after we wrote and published “And Now The End Is Near… [1]” ASG Media Group (nee Avanti Screenmedia) announced on the UK Alternative Investment Market that it had appointed administrators.
ASG Media PLC – Appointment of Administrators
RNS Number : 7801B ASG Media PLC 02 November 2009
02 November 2009
ASG Media PLC (“ASG” or “the Company”)
(AIM:ASG)
Appointment of Administrators
The Board of ASG Group plc regrets to announce that, having carefully considered the financial position and strategic options of the Company, on 02 November 2009 it appointed Antony Batty and Stephen Evans of Antony Batty & Company LLP to act as Joint Administrators of the Company with immediate effect.
Since the announcement of suspension on 20 October 2009 the Board has continued to explore options to address the Company’s working capital requirement. The Board has continued discussions with a number of parties including potential equity investors and existing shareholders up until last night. Until it became clear that further funding would not be forthcoming the directors were hopeful that funding would be secured.
Furthermore the Board announces that Charles Stanley Securities (“Charles Stanley”), the Company’s nominated adviser for the purposes of the AIM Rules for Companies (“AIM Rules”), has tendered its resignation as the Company’s Nominated Adviser and Broker, with immediate effect.
If ASG has failed to appoint a replacement Nominated Adviser by 03 December 2009, the admission of the Company’s shares to trading on AIM will be cancelled in accordance with Rule 1 of the AIM Rules.