12th Nov 2010 16:17
12 November 2010
THE WORKS MEDIA GROUP PLC
APPOINTMENT OF ADMINISTRATORS
Trading in the Company's shares on AIM was suspended on 1 October 2010 as a result of the Company's interim results, for the 6 month period ended 30 June 2009, not being released within the required timeframe.
The Company now announces that, following the Board's unsuccessful efforts to raise further funding for the Group, Milcoz Films Limited, as the holder of a Qualifying Floating Charge over the Group's assets, appointed Peter Kubik and Andrew Andronikou of UHY Hacker Young LLP of 4 Thomas More Square, London E1W 1YW as Joint Administrators on 11 November 2010.
The Company's subsidiaries, The Works International Limited, The Works UK Distribution Limited and the Film Consortium Limited, which are not the subject of the administration proceedings, continue to trade and are in the process of being acquired by the Company's major secured creditor.
For more information please contact:
UHY Hacker Young LLP
Peter Kubik/ Andrew Andronikou +44 020 7216 4600
Northland Capital Partners Limited
Gavin Burnell/Rod Venables +44 020 7492 4750
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