Update as to HMRC Winding Up Petition


 

TIDMPNE 
 
RNS Number : 1425O 
Preston North End PLC 
23 June 2010 
 

                              Preston North End plc 
 
                     ("Preston North End" or the "Company") 
 
                      Update as to HMRC Winding Up Petition 
 
Further to the announcements of 14 May and 21 June 2010, the Company confirms 
that the winding up petition, served on the Company by HM Revenue and Customs 
has been dismissed following HM Revenue and Customs receipt of the requisite 
funds. 
 
However, the Company has now received a letter from HM Revenue and Customs 
informing the Company that it intends to take further legal action against 
Preston North End, as the Company has failed to make the payment arising in 
respect of PAYE liability for May 2010, which fell due on 19 June 2010 
(approximately GBP435,000). The Company is liaising with HM Revenue and Customs 
in relation to this letter. 
 
The presentation of the winding up petition has had a significant impact on 
recent season ticket sales, a key source of revenue for the Company at this time 
of year, which in turn is impacting the Company's financial position. As the 
Company's current financial position remains uncertain, the Company's shares 
will remain suspended from trading on AIM pending clarification of the Company's 
financial position. 
 
The new Chairman of the Company, Maurice Lindsay said "It is good news that the 
winding up petition has been dismissed and season ticket sales appear to be 
picking up again after the announcement that the debt had been settled earlier 
this week. We hope the fans of Preston North End will continue to support the 
Club as I lead it into a new era" 
 
For further information please contact: 
 
+--------------------------------+-----------------------------+ 
| Paul Newsham, Preston North    | Tel: 0844 856 1964          | 
| End plc                        |                             | 
+--------------------------------+-----------------------------+ 
| Katy Mitchell, WH Ireland      | Tel: 0161 832 2174          | 
| Limited                        |                             | 
+--------------------------------+-----------------------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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