Administration Application

    RNS Number : 7207F
  MICAP PLC
  13 October 2008
   

    MICAP PLC ('MICAP' OR THE 'COMPANY')

    Administration application

    The Board of the Company regrets to announce that having carefully considered the financial position of the Company it has issued an
application to the Court to appoint Administrators to the Company. 

    In its announcement dated 27th August 2008, the Board stated that negotiations with the Company's creditors were necessary to stabilise
the Company's financial position. Unfortunately one particular creditor proceeded to issue a winding up petition. In the circumstances the
Board felt it was a better course of action to apply to appoint Administrators to seek to achieve a better realisation for creditors than on
a winding up. The Administration application is due to be heard on 28th October 2008 at 10.30am in the Manchester District Registry.

    Micap Encapsulates Limited, the wholly owned subsidiary which manufactures and sells food ingredients from a plant in Athlone, Ireland,
is unaffected by this action.

    For further information: 
    Michael Norris, CEO        +44 (0)1942 625590
    Micap plc


This information is provided by RNS
The company news service from the London Stock Exchange
 
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