REG - Chamberlin PLC - Update
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 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018.
10 May 2024
Chamberlin plc
("Chamberlin", the "Company" or the "Group")
Update
Chamberlin plc (AIM: CMH.L), the specialist castings and machining group, announces the following update further to the announcement dated 7 May 2024.
Following the issue of the winding up notice from the Company's main power supplier, discussions have continued with the Group's creditors and major shareholders. Despite the cost reduction actions and wholesale customer price increases implemented across the Group, the Group is under increased pressure from other creditors and its bank, has lost further sales revenue and is unable to secure additional funding of the scale and form required for ongoing business stability. The Board of Directors has therefore regrettably resolved to commence an insolvency process.
Further announcements will be made in due course as appropriate.
Kevin Price, CEO, said: "Following the Company's announcement on 7 May and the subsequent discussions with creditors, customers and shareholders, we do not have a funding solution that provides the necessary liquidity in the time we have available. On behalf of the Board, I express to our staff, shareholders and all other affected stakeholders our deepest regret that we are having to take the very difficult decision to commence an insolvency process."
Enquiries:
Chamberlin plc Kevin Price, Chief Executive Alan Tomlinson, Finance Director | T: 01922 707100 |
Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker) Katy Birkin Stephen Keys George Lawson | T: 020 7220 5500 |
Peterhouse Capital Limited (Joint Broker) Lucy Williams Duncan Vasey | T: 020 7469 0930 |
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