4 Sep 2013 14:00
Press release | 4 September 2013 |
VPhase plc
("VPhase" or the "Company" or the "Group")
Appointment of administrators
Further to recent announcements, the Company announces that it has been unable to secure additional funding for the Group and as such, is unable to continue to trade as a going concern. Consequently, the Company has appointed Dermot Power and Patrick Alexander Lannagan of BDO LLP, 3 Hardman Street, Manchester, M3 3AT as administrators of VPhase plc and its subsidiaries.
The decision to appoint the administrators was taken after careful consideration and having explored all options to raise additional capital. The Board would like to thank the Group's employees, suppliers and customers for their hard work and support throughout the Company's history.
The Directors will be working with the administrators to protect the interest of creditors and to try and ensure that the business is saved in part or as a whole and the administrators ask any interested parties to contact them as a matter of urgency.
Trading in the Company's Ordinary Shares on AIM remains suspended.
- Ends -
For further information:
VPhase plc | |
Rick Smith, Chief Executive Officer | +44 (0) 151 348 6195 |
www.vphase.co.uk | |
BDO LLP James Garside |
+44(0) 161 817 7516 |
Panmure Gordon | +44 (0) 20 7886 2500 |
Hugh Morgan / Callum Stewart
| www.panmure.com |