Atlas Dev & Support Services Ltd Kenya Update (4438H)
01 12월 2015 - 4:00PM
UK Regulatory
TIDMADSS
RNS Number : 4438H
Atlas Dev & Support Services Ltd
01 December 2015
Atlas Development & Support Services Limited / Ticker: ADSS
/ Index: AIM / Sector: Support Services
1 December 2015
Atlas Development & Support Services Limited
('Atlas' or the 'Company')
Kenya Update
Atlas (AIM, NSE: ADSS) announces that it has taken the decision
to place its Kenyan subsidiaries into liquidation by way of a
Creditors Voluntary Liquidation. The downturn in the oil and gas
industry, market adjustments and the failure of certain key clients
to settle debts, together with increasing creditor pressure has led
to the decision to close Kenyan operations and focus all of the
Company's administrative functions and activities in Ethiopia for
the time being.
This decision will enable the Company to focus its resources and
management on the Company's newly formed industrial division and
its joint venture with Orchid Business Group PLC ('Orchid') which
is targeting the resources space (in particular potash development
and infrastructure projects). For further details on the industrial
division please refer to the Company's announcement dated 19
November 2015 and for details on Orchid and the joint venture
please refer to the Company's announcement dated 3 November
2015.
The closure of the Kenyan subsidiaries, Ardan Logistics Kenya
Ltd, Ardan (Medical Services) Ltd and Ardan (Civil Engineering)
Ltd, will improve the group's overall cost base. Furthermore,
despite the closure of the Kenyan business, the Company will
maintain its listing on the GEM segment of the Nairobi Securities
Exchange and hopes to maximise value for its Kenyan shareholders
through the successful expansion in industrial projects and
operations in Ethiopia. The Board believes the opportunity in
Ethiopia is highly compelling and offers the Company and its
supportive shareholders the best opportunity to build value both in
the short and long term.
Chief Executive of Atlas, Carl Esprey said, "With our new focus
on the widening opportunity in Ethiopia, we have taken steps to
place our Kenyan subsidiaries into formal liquidation proceedings.
Since the downturn in the oil and gas market, we have found that
clients are no longer placing a premium on our high quality
services and are demanding terms which are not economically viable.
In addition to this, late payment by certain operators and
increasing creditor pressure in Kenya necessitate and justify this
shift at this time to serve the best interest of the long term
development of the business and shareholders. We have been focusing
on building a strategy to best allocate our existing assets to
build shareholder value and are looking forward to capitalising on
opportunities within the newly established industrial division and
the JV with Orchid, which we believe will bring more consistent
revenue to the business and allow us to best utilise our existing
expertise."
** ENDS **
For further information please visit www.atlassupport.com or
contact:
Carl Esprey Atlas Tel: +44 (0)
20 7408 9200
Callum Stewart Stifel Nicolaus Tel: +44 (0)
Europe Limited 20 7710 7600
Ashton Clanfield Stifel Nicolaus Tel: +44 (0)
Europe Limited 20 7710 7600
Edward Burbidge Burbidge Capital Tel: +254 (0)
202 100 102
Hugo de Salis St Brides Partners Tel: +44 (0)
Ltd 20 7236 1177
Charlotte St Brides Partners Tel: +44 (0)
Heap Ltd 20 7236 1177
In accordance with AIM Rule 17, the Company discloses that
certain of Atlas' directors, being Carl Esprey, Lachlan Monro and
Barry Lobel, are also directors of Ardan Logistics Kenya Ltd, Ardan
(Medical Services) Ltd and Ardan (Civil Engineering) Ltd.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCURONRVVAAOAA
(END) Dow Jones Newswires
December 01, 2015 02:00 ET (07:00 GMT)
Atlas Afric (LSE:AAI)
과거 데이터 주식 차트
부터 12월(12) 2024 으로 1월(1) 2025
Atlas Afric (LSE:AAI)
과거 데이터 주식 차트
부터 1월(1) 2024 으로 1월(1) 2025
