27th Dec 2006 13:16
Capcon Holdings PLC27 December 2006 PRESS RELEASE FOR IMMEDIATE RELEASE 27TH December 2006 CAPCON HOLDINGS HALTS TALKS On 29th September 2006 Capcon Holdings plc, the AIM-listed investigations,auditing and stocktaking group, announced, as part of a trading statement, thatit was in negotiations with a team of principals who would inject newmanagement, additional clients and fresh capital into the business. Thesenegotiations, which were held with Mr Charles Blackmore, who was to become CEOdesignate and who was to join the Board of Capcon together with two otherexecutives, have proved unsuccessful and have now been terminated by theCompany. Since Capcon brought these talks to a close, the directors have beenimplementing the central cost reductions planned and have concentrated onmaintaining the necessary levels of working capital for the business to continueto trade successfully. The Group has the continuing support of its majorshareholders and trade creditors, including its bankers. It remains in separatediscussions with the vendors of Argen, regarding payment of the disputeddeferred consideration. With this support and the significant cost reductions already beginning to bearfruit, the directors are confident that Capcon will be able to trade its wayback to financial health. -ENDS- For further information, please contact: Robin Boyle, Non executive director on 020 7628 7937 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
MTR.L