Electronics Production | July 18, 2005
Eurodis appoints administrators
Eurodis Electron PLC has ceased merger talks because the potential acquirer has decided not to proceed. The company also appoints administrotors, following which dealings in the Company's shares were temporarily suspended.
Eurodis Electron announces that it has, by reason of its financial position, appointed Neville Barry Khan, Nicholas Guy Edwards and Nicholas James Dargan, all of Deloitte & Touche LLP, to act as joint administrators of the Company. Neville Khan said: "with the support of the stakeholders, it is our intention to allow the Company to continue operating to support its customer base, while we seek a purchaser. A number of parties have already expressed interest with whom we have commenced discussions." Eurodis Electron PLC announced that the merger talks referred to in the statement of 20 June 2005 have ceased because the potential acquirer has decided not to proceed. Eurodis' lead finance provider has decided to reduce facilities to a level that the Board believes makes the ongoing business unsustainable. The Board has requested the suspension of the company's shares.