Appointment of Administrators


 

TIDMPOT 
 
RNS Number : 5167N 
Potential Finance Group PLC 
18 February 2009 
 
Potential Finance Group plc 
("Potential" or the "Company") 
 
 
Appointment of Administrators 
 
 
The Board of Potential regrets to announce that, having carefully considered the 
financial position and prospects of the Company, it has appointed David John 
Standish and Allan Watson Graham of KPMG LLP to act as Administrators of the 
Company late yesterday afternoon. 
 
 
Further to the announcement on 6 February 2009 the Board had intended to pursue 
the recovery of the one outstanding debtor of Potential Finance Limited albeit 
it was expected that this recovery could take many months. It was hoped that by 
keeping the creditors informed, a formal insolvency process could be avoided. 
 
 
Between 6 and 9 February, the Board received notices, pursuant to sections 168 
and 312 of the Companies Act 2006, from certain shareholders of the Company. 
requisitioning the Board to call an Extraordinary General Meeting The purpose of 
the requisitions was to effect a change in board control. 
 
 
When made aware of the requisitions, a number of banks, which are creditors of 
the Company's subsidiary Potential Vehicle Hire Ltd in administration, called in 
cross company guarantees which the Company is unable to settle. The banks made 
it clear that they would seek to enforce such guarantees through a formal 
insolvency process and that they would instigate the process if the Board failed 
to do so, leaving the Company with no alternative but to enter into 
administration. 
The Company also announces that it has today been notified by Charles Stanley 
Securities of its resignation as Nominated Adviser and Broker to the Company 
with immediate effect. 
 
 
In the event that an alternative Nominated Adviser is not appointed on or before 
7.00 am on 19 March 2009 then, in accordance with Rule 1 of the AIM Rules for 
Companies, the admission of the Company's ordinary shares to trading on AIM will 
be cancelled. 
 
 
18 February 2009 
 
 
Further information: 
 
 
Emma Murray, KPMG 
 020 7694 6506 
 
 
Charles Stanley Securities 
(Nominated Adviser) 
 
 
Philip Davies / Carl Holmes                                             020 7149 
6000 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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