RNS Number : 5670Y
Medical Marketing Int'l Group PLC
04 September 2009
APPOINTMENT OF ADMINISTRATORS
4 September 2009 - Further to the announcement on 13 August 2009, Medical Marketing International Group plc ("MMI" or the "Company") (AIM:MMG), the life sciences company focused on the development of drugs for cancer, regrets to announce that it has today resolved to appoint Mr Ian Carr and Mr Nigel Morrison of Grant Thornton UK LLP as administrators of the Company.
As announced previously, the directors of the Company (the "Directors") have been pursuing funding and other alternatives to establish a firm future for the Company whilst minimising the Company's operating costs.
The Directors have explored various options for raising further funding to enable the Company to continue trading its existing scientific business or, alternatively, whether the Company could acquire another business with a view to pursuing an alternative line of business. These discussions failed to secure any firm indications of future funding.
The main reason given to the Directors for this lack of interest is the outstanding claim following the termination of the employment of the Company's former Executive Chairman, Mr David Best, in March 2008. Various attempts have been made to settle this claim but the Company and Mr Best have been unable to agree on any settlement, with Mr Best continuing to make claims for amounts which are considerably more than both the Company's financial resources and the amount which the Directors have been advised by the Company's legal advisers and counsel represents the Company's maximum potential liability to Mr Best.
On 13 August 2008, the Company announced that the Directors were pursuing discussions with one of the Company's major shareholders who had indicated that, in principle, he may be prepared to make funding available. Despite providing such information which was requested by the shareholder as the Company is permitted to provide, no proposal has been received and, based on the discussions which occurred, the Directors concluded that it was highly unlikely that any proposal was likely to be forthcoming within the timescale required to enable to Company to avoid insolvency.
Based on the continuing failure to achieve a settlement of Mr Best's claims at a level which the Company could support and the failure to secure any offers of further funding, the Directors have today resolved to appoint Mr Ian Carr and Mr Nigel Morrison of Grant Thornton UK LLP as the Company's administrators.
Enquiries:
Medical Marketing International Group plc
Ian Carr and Nigel Morrison, Administrators Tel: +44 (0) 1223 225 600
FinnCap
Charlie Cunningham Tel: +44 (0)20 7600 1658
This information is provided by RNS
The company news service from the London Stock Exchange
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