RNS Number : 6195H
Sovereign Oilfield Group plc
24 February 2010
Sovereign Oilfield Group PLC
(the "Company")
Appointment of Administrators
The Board of Sovereign Oilfield Group plc regrets to announce that, having carefully considered the financial position of the Company, it has appointed John Bruce Cartwright and Graham Frost of PricewaterhouseCoopers LLP to act as Administrators of the Company with immediate effect.
As previously announced the board has been in continued discussions with its lending consortium to re-negotiate the terms of its existing loans as the Board has been uncertain that the Group's future trading performance will be able to support the current levels of debt. The Company has received a number of enforcement orders from its creditors and without continued support from the lending consortium it is unable to meet these payments.
Charles Stanley Securities ("Charles Stanley"), the Company's nominated adviser for the purposes of the AIM Rules for Companies ("AIM Rules"), has tendered its resignation as the Company's Nominated Adviser and Broker, with immediate effect.
If Sovereign Oilfield Group Plc has failed to appoint a replacement Nominated Adviser within one month, the admission of the Company's shares to trading on AIM will be cancelled at 7.00 am on 25 March 2010.
Enquiries:
PricewaterhouseCoopers LLP 0131 226 4488
Bruce Cartwright
This information is provided by RNS
The company news service from the London Stock Exchange
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