Manganese Bronze Hldgs PLC Product Recall (6106O)

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RNS Number : 6106O

Manganese Bronze Hldgs PLC

12 October 2012

Manganese Bronze Holdings PLC

12 October 2012

Product recall

Manganese Bronze Holdings PLC (the "Group") announced today a recall of approximately 400 of its TX4 London taxis and suspension of sales of new TX4 models as a result of the discovery of a defect in the steering box. The steering box is a new design from a new supplier that was introduced in production at the Group's Coventry factory in late February 2012.

Discussions are being held with Geely to put in place a robust technical solution for the steering box faults.

The suspension of sales will have a very material and detrimental impact on the Group's cash flows and the board are working to establish the options available to the business given the impact on working capital. Until such time that a technical solution is developed to rectify the fault, the financial position of the Group remains unclear and trading in the Company's shares will remain suspended.

 
For further information, please contact: 
Manganese Bronze Holdings PLC 
John Russell, Group Chief Executive  Tel: +44 (0) 24 7657 2108 
Peter Johansen, Group Finance        Tel: +44 (0) 24 7657 2214 
 Director 
 
FTI Consulting 
Nick Hasell                          Tel: +44 (0) 20 7269 7291 
 
Grant Thornton UK LLP 
Philip Secrett/Melanie Frean         Tel: +44 (0) 20 7383 5100

This information is provided by RNS

The company news service from the London Stock Exchange

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