Appt of administrators to subsids. & Asset sales

30 May 2018

UVENCO UK PLC ("Uvenco" the "Company" or the "Group")

Appointment of Administrators at Trading Subsidiaries and Sale of Assets

Further to its announcement on 24 May 2018, the Company notifies that Howard Smith and David Costley-Wood of KPMG LLP were today appointed as administrators to all three of the Company's trading subsidiaries, Uvenco Limited, Snack in the Box Limited and Drinkmaster Limited (the "Trading Subsidiaries"). Immediately following their appointment, the administrators sold the entire business and assets, excluding book debts, of the Trading Subsidiaries to Montagu Group Limited, a fast growing, specialist vending solutions provider, for an aggregate consideration of £1.8 million in cash. The sales completed today, and all of the employees of the Trading Subsidiaries were transferred across under TUPE. The administrators will apply the consideration in reduction of the Trading Subsidiaries' creditors, subject to costs, but there will be no value remaining for the shareholders of the Company.

The disposals by the administrators comprise all the operating businesses of the Group. Following completion, the Company no longer has any current trading activities, has net debt of approximately £1.6 million, and will be an investing company pursuant to Rule 15 of the AIM Rules for Companies. The directors will continue to operate the affairs of the Company in the short-term and discussions are underway with the principal creditor to allow the Company to satisfy its obligations as they fall due. Whilst the directors remain hopeful of a satisfactory resolution to these discussions, in the event agreement cannot be reached then an administration of the Company would be likely, with no value for shareholders. 

Suspension of trading on AIM

Trading on AIM in the Company's ordinary shares will remain suspended pending clarification of its financial position.

Further announcements will be made in due course.

Enquiries:

Jeremy Hamer, Chairman

The information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.